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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Summaries of Net Properties and Equipment

The following are summaries of net properties and equipment:

 

 

 

 

 

December 31,

 

 

 

 

December 31,

 

(In thousands)

 

 

 

2019

 

 

 

 

2018

 

Properties and equipment:

 

 

 

 

 

 

 

 

 

 

 

 

Vessels and related equipment

 

 

 

$

1,051,558

 

 

 

 

$

1,144,028

 

Other properties and equipment

 

 

 

 

13,119

 

 

 

 

 

7,455

 

 

 

 

 

 

1,064,677

 

 

 

 

 

1,151,483

 

Less accumulated depreciation and amortization

 

 

 

 

125,716

 

 

 

 

 

61,626

 

Net properties and equipment

 

 

 

$

938,961

 

 

 

 

$

1,089,857

 

 
Components of Basic and Diluted Earnings Per Share

The components of basic and diluted earnings per share, are as follows:

 

 

 

Successor

 

 

 

Predecessor

 

 

 

 

 

 

 

 

 

 

 

Period from

 

 

 

Period from

 

 

 

Year

 

 

Year

 

 

August 1, 2017

 

 

 

April 1, 2017

 

 

 

Ended

 

 

Ended

 

 

through

 

 

 

through

 

(In thousands, except share and per share data)

 

December 31,

2019

 

 

December 31,

2018

 

 

December 31,

2017

 

 

 

July 31,

2017

 

Net loss available to common shareholders

 

$

(141,743

)

 

$

(171,517

)

 

 

(39,266

)

 

 

 

(1,646,909

)

Weighted average outstanding shares of common

   stock, basic (A)

 

 

38,204,934

 

 

 

26,589,883

 

 

 

21,539,143

 

 

 

 

47,121,330

 

Dilutive effect of options, warrants and restricted stock  awards and  units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Weighted average common stock and equivalents

 

 

38,204,934

 

 

 

26,589,883

 

 

 

21,539,143

 

 

 

 

47,121,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share, basic

 

$

(3.71

)

 

$

(6.45

)

 

 

(1.82

)

 

 

 

(34.95

)

Loss per share, diluted

 

$

(3.71

)

 

$

(6.45

)

 

 

(1.82

)

 

 

 

(34.95

)

Additional information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incremental "in-the-money" options, warrants, and   restricted stock awards and units outstanding at the end of the period (B)

 

 

2,483,956

 

 

 

5,282,574

 

 

 

7,869,553

 

 

 

 

—

 

 

 

(A)

Basic weighted average shares outstanding included 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2017 (Successor).

 

(B)

For both years ended December 31, 2019 and 2018 and the period from August 1, 2017 through December 31, 2017, we also had 5,923,399, 5,923,399 and 5,062,089, respectively, shares of “out-of- the-money” warrants outstanding at the end of both periods.