STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

(13)	STOCKHOLDERS’ EQUITY

Common Stock

The number of authorized and issued common stock and preferred stock are as follows:

	December 31,		December 31,
	2019		2018
Common stock shares authorized		125,000,000		125,000,000
Common stock par value	$	0.001	$	0.001
Common stock shares issued		39,941,327		36,978,280
Preferred stock shares authorized		3,000,000		3,000,000
Preferred stock par value	No par		No par
Preferred stock shares issued		—		—

Common Stock Repurchases

No shares were repurchased during the years ended December 31, 2019 and 2018, the period from August 1, 2017 through December 31, 2017 and the period from April 1, 2017 through July 31, 2017.

Dividend Program

There were no dividends declared during the years ended December 31, 2019 and 2018, the period from August 1, 2017 through December 31, 2017 and the period from April 1, 2017 through July 31, 2017.

Warrants

During 2017, we issued 11,543,814 New Creditor Warrants upon emergence from bankruptcy. In addition, 2,432,432 Series A Warrants and 2,629,657 Series B Warrants were issued to the holders of Predecessor common stock with exercise prices of $57.06 and $62.28, respectively. As of December 31, 2019, we had 821,308 shares of common stock issuable upon the exercise of the New Creditor Warrants. No Series A Warrants or Series B Warrants have been exercised.

In conjunction with the merger with GulfMark, Tidewater assumed approximately 2.3 million $0.01 Creditor Warrants (“GLF Creditor Warrants”) and approximately 0.8 million $100.00 Equity Warrants (“GLF Equity Warrants”) with each warrant becoming exercisable for 1.10 shares of Tidewater common stock on substantially the same terms and conditions as provided in the warrant agreements governing the GLF Creditor Warrants and the GLF Equity Warrants. As of December 31, 2019, we had 1,281,573 shares of common stock issuable upon the exercise of the GLF Creditor Warrants. No GLF Equity Warrants have been exercised.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income by component, net of tax, are as follows:

	Successor
	For the year ended December 31, 2019
(in thousands)	Balance at 12/31/18			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 12/31/19
Pension benefits		2,194			(2,430	)		—			(2,430	)		(236	)

	Successor
	For the year ended December 31, 2018
(in thousands)	Balance at 12/31/17			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 12/31/18
Available for sale securities		256			(660	)		404			(256	)		—
Pension/Post-retirement benefits		(403	)		4,133			(1,536	)		2,597			2,194
Total		(147	)		3,473			(1,132	)		2,341			2,194

	Successor
	Period from August 1, 2017 through December 31, 2017
(in thousands)	Balance at 7/31/17			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 12/31/17
Available for sale securities		—			87			169			256			256
Pension/Post-retirement benefits		—			(403	)		—			(403	)		(403	)
Total		—			(316	)		169			(147	)		(147	)

	Predecessor
	Period from April 1, 2017 through July 31, 2017
(in thousands)	Balance at 3/31/17			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 7/31/17
Available for sale securities		(95	)		57			106			163			68
Currency translation adjustment		(9,811	)		—			—			—			(9,811	)
Pension/Post-retirement benefits		(438	)		(2,598	)		—			(2,598	)		(3,036	)
Total		(10,344	)		(2,541	)		106			(2,435	)		(12,779	)

The following table summarizes the reclassifications from accumulated other comprehensive loss to the consolidated statement of income:

Successor

Predecessor

Period from

Year

August 1, 2017

April 1, 2017

Ended

through

(In thousands)

December 31,

2018

December 31,

2017

July 31,

2017

Affected line item in the consolidated

statements of income

Retiree medical plan

(1,536

)

—

Interest income and other, net

Realized gains on available

for sale securities

404

169

106

Interest and other debt costs

Total pre-tax and net of tax amounts

(1,132

)

169

106