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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________________________
FORM 10-Q
__________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020              or  
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             
Commission file number 1-12289
SEACOR Holdings Inc.
(Exact Name of Registrant as Specified in Its Charter)
__________________________________________________________________
Delaware
13-3542736
(State or Other Jurisdiction of
Incorporation or Organization)    
(IRS Employer
Identification No.)
 2200 Eller Drive, P.O. Box 13038,
Fort Lauderdale, Florida    
33316
(Address of Principal Executive Offices)
(Zip Code)

954-523-2200
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
__________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CKH
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer  Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  
The total number of shares of common stock, par value $.01 per share, outstanding as of October 27, 2020 was 20,372,174. The Registrant has no other class of common stock outstanding.


Table of Contents
SEACOR HOLDINGS INC.
Table of Contents

Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data, unaudited)
September 30,
2020
December 31,
2019
ASSETS
Current Assets:
Cash and cash equivalents$98,015 $77,222 
Restricted cash and restricted cash equivalents1,119 1,222 
Marketable securities7,597 7,936 
Receivables:
Trade, net of allowance for doubtful accounts of $1,380 and $2,871 in 2020 and 2019, respectively
196,076 194,022 
Other67,862 38,881 
Inventories3,871 5,255 
Prepaid expenses and other6,364 6,971 
Total current assets380,904 331,509 
Property and Equipment:
Historical cost1,442,442 1,442,382 
Accumulated depreciation(663,277)(624,024)
Net property and equipment779,165 818,358 
Operating Lease Right-of-Use Assets124,855 144,539 
Investments, at Equity, and Advances to 50% or Less Owned Companies152,744 157,108 
Goodwill32,616 32,701 
Intangible Assets, Net21,041 20,996 
Other Assets8,404 7,761 
$1,499,729 $1,512,972 
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt$10,845 $58,854 
Current portion of long-term operating lease liabilities37,124 36,011 
Current portion of other long-term financial liabilities1,479  
Accounts payable and accrued expenses58,640 57,595 
Other current liabilities77,429 57,501 
Total current liabilities185,517 209,961 
Long-Term Debt238,005 255,612 
Long-Term Operating Lease Liabilities87,579 108,295 
Other Long-Term Financial Liabilities31,701  
Deferred Income Taxes109,664 105,661 
Deferred Gains and Other Liabilities18,910 20,929 
Total liabilities671,376 700,458 
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none issued nor outstanding
  
Common stock, $0.01 par value, 60,000,000 shares authorized; 41,012,817 and 40,819,892 shares issued in 2020 and 2019, respectively
410 408 
Additional paid-in capital1,666,218 1,661,002 
Retained earnings529,647 517,106 
Shares held in treasury of 20,640,307 and 20,643,724 in 2020 and 2019, respectively, at cost
(1,365,921)(1,365,792)
Accumulated other comprehensive loss, net of tax(2,779)(998)
827,575 811,726 
Noncontrolling interests in subsidiaries778 788 
Total equity828,353 812,514 
$1,499,729 $1,512,972 

The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
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Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Operating Revenues$175,414 $200,658 $540,295 $607,205 
Costs and Expenses:
Operating128,546 147,386 400,752 437,368 
Administrative and general24,560 24,923 76,785 78,383 
Depreciation and amortization17,306 16,975 52,620 51,120 
170,412 189,284 530,157 566,871 
Gains on Asset Dispositions, Net618 1,145 9,200 2,259 
Operating Income5,620 12,519 19,338 42,593 
Other Income (Expense):
Interest income1,425 2,198 4,544 5,983 
Interest expense(3,938)(4,816)(12,587)(14,832)
Debt extinguishment gains (losses), net(254)(777)1,348 (2,073)
Marketable security gains (losses), net951 144 (567)16,496 
Foreign currency losses, net(203)(1,877)(3,042)(1,663)
Other, net2,242 505 2,992 (114)
223 (4,623)(7,312)3,797 
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies5,843 7,896 12,026 46,390 
Income Tax Expense (Benefit)1,552 1,417 (9,384)7,012 
Income Before Equity in Losses of 50% or Less Owned Companies4,291 6,479 21,410 39,378 
Equity in Losses of 50% or Less Owned Companies, Net of Tax(1,102)(618)(8,877)(3,448)
Net Income3,189 5,861 12,533 35,930 
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries(1)(544)(8)7,239 
Net Income Attributable to SEACOR Holdings Inc.$3,190 $6,405 $12,541 $28,691 
Basic Earnings Per Common Share of SEACOR Holdings Inc.$0.16 $0.33 $0.63 $1.54 
Diluted Earnings Per Common Share of SEACOR Holdings Inc.$0.16 $0.32 $0.63 $1.48 
Weighted Average Common Shares Outstanding:
Basic19,995,413 19,322,423 19,975,635 18,618,613 
Diluted20,017,551 20,738,919 19,993,982 19,984,302 










The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
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Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net Income $3,189 $5,861 $12,533 $35,930 
Other Comprehensive Income (Loss):
Foreign currency translation gains (losses), net198 (405)(753)(418)
Derivative gains (losses) on cash flow hedges24  (1,031) 
222 (405)(1,784)(418)
Income tax benefit (expense)(3) 3 (68)
219 (405)(1,781)(486)
Comprehensive Income 3,408 5,456 10,752 35,444 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries(1)(544)(8)7,239 
Comprehensive Income Attributable to SEACOR Holdings Inc.$3,409 $6,000 $10,760 $28,205 






































The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
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Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands, unaudited)
SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the nine months ended September 30, 2020Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
December 31, 2019$408 $1,661,002 $517,106 $(1,365,792)$(998)$788 $812,514 
Issuance of common stock:
Employee Stock Purchase Plan— — — 1,815 — — 1,815 
Exercise of stock options— 563 — — — — 563 
Director stock awards— 55 — — — — 55 
Restricted stock2 (2)— — — —  
Purchase of treasury shares— — — (1,944)— — (1,944)
Amortization of share awards— 4,600 — — — — 4,600 
Distributions to noncontrolling interests— — — — — (2)(2)
Net income (loss)— — 12,541 — — (8)12,533 
Other comprehensive loss— — — — (1,781)— (1,781)
September 30, 2020$410 $1,666,218 $529,647 $(1,365,921)$(2,779)$778 $828,353 

SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the three months ended September 30, 2020Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
June 30, 2020$410 $1,664,617 $526,457 $(1,366,787)$(2,998)$780 $822,479 
Issuance of common stock:
Employee Stock Purchase Plan— — — 866 — — 866 
Director stock awards— 17 — — — — 17 
Amortization of share awards— 1,584 — — — — 1,584 
Distributions to noncontrolling interests— — — — — (1)(1)
Net income (loss)— — 3,190 — — (1)3,189 
Other comprehensive income— — — — 219 — 219 
September 30, 2020$410 $1,666,218 $529,647 $(1,365,921)$(2,779)$778 $828,353 

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SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the nine months ended September 30, 2019Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
December 31, 2018$390 $1,596,642 $474,809 $(1,366,773)$(914)$149,688 $853,842 
Impact of adoption of accounting principle, net of tax— — 15,523 — — 9,836 25,359 
December 31, 2018, As Adjusted390 1,596,642 490,332 (1,366,773)(914)159,524 879,201 
Issuance of common stock:
Employee Stock Purchase Plan— — — 1,695 — — 1,695 
Exercise of stock options1 5,219 — — — — 5,220 
Director stock awards— 76 — — — — 76 
Restricted stock2 (2)— — — —  
Purchase of conversion option in convertible debt, net of tax— (115)— — — — (115)
Purchase of treasury shares— — — (516)— — (516)
Amortization of share awards— 3,794 — — — — 3,794 
Purchase of subsidiary shares from noncontrolling interests15 53,814 — — — (160,818)(106,989)
Distributions to noncontrolling interests— — — — — (5,162)(5,162)
Net income— — 28,691 — — 7,239 35,930 
Other comprehensive loss— — — — (486)— (486)
September 30, 2019$408 $1,659,428 $519,023 $(1,365,594)$(1,400)$783 $812,648 

SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the three months ended September 30, 2019Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
June 30, 2019$392 $1,600,838 $512,618 $(1,366,432)$(995)$162,236 $908,657 
Issuance of common stock:
Employee Stock Purchase Plan— — — 838 — — 838 
Exercise of stock options1 3,485 — — — — 3,486 
Director stock awards— 21 — — — — 21 
Purchase of conversion option in convertible debt, net of tax— (12)— — — — (12)
Amortization of share awards— 1,282 — — — — 1,282 
Purchase of subsidiary shares from noncontrolling interests15 53,814 — — — (160,818)(106,989)
Distributions to noncontrolling interests— — — — — (91)(91)
Net income (loss)— — 6,405 — — (544)5,861 
Other comprehensive loss— — — — (405)— (405)
September 30, 2019$408 $1,659,428 $519,023 $(1,365,594)$(1,400)$783 $812,648 











The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
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Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Nine Months Ended September 30,
20202019
Net Cash Provided by Operating Activities$68,690 $95,255 
Cash Flows from Investing Activities:
Purchases of property and equipment(16,326)(17,351)
Proceeds from disposition of property and equipment9,615 1,874 
Investments in and advances to 50% or less owned companies(6,088)(3,215)
Return of investments and advances from 50% or less owned companies936 3,677 
Payments received on third-party leases and notes receivable, net389 1,125 
Business acquisitions, net of cash acquired(970) 
Net cash used in investing activities(12,444)(13,890)
Cash Flows from Financing Activities:
Payments on long-term debt(69,048)(66,685)
Proceeds from long-term debt, net of issue costs 22,803 
Proceeds from other long-term financial liabilities33,662  
Payments of other long-term financial liabilities(482) 
Purchase of conversion option in convertible debt (146)
Common stock acquired for treasury(1,944)(516)
Proceeds from share award plans2,378 6,915 
Purchase of subsidiary shares from noncontrolling interests (107,692)
Distributions to noncontrolling interests(2)(5,162)
Net cash used in financing activities(35,436)(150,483)
Effects of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents(120)(58)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents20,690 (69,176)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Period78,444 147,212 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period99,134 78,036 
Restricted Cash and Restricted Cash Equivalents, End of Period1,119 1,221 
Cash and Cash Equivalents, End of Period$98,015 $76,815 

















The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
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Table of Contents
SEACOR HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Holdings Inc. and its consolidated subsidiaries and any reference in this Quarterly Report on Form 10-Q to “SEACOR” refers to SEACOR Holdings Inc. without its consolidated subsidiaries. Capitalized terms used and not specifically defined herein have the same meaning given to those terms in the Company's Annual report on Form 10-K for the year ended December 31, 2019.
The condensed consolidated financial information for the three and nine months ended September 30, 2020 and 2019 has been prepared by the Company and has not been audited by its independent registered certified public accounting firm. The condensed consolidated financial statements include the accounts of SEACOR Holdings Inc. and its consolidated subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the Company’s financial position as of September 30, 2020, its results of operations for the three and nine months ended September 30, 2020 and 2019, its comprehensive income for the three and nine months ended September 30, 2020 and 2019, its changes in equity for the three and nine months ended September 30, 2020 and 2019, and its cash flows for the nine months ended September 30, 2020 and 2019. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Recent Developments. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") a pandemic, which continues to spread throughout the United States and the world. The spread of COVID-19 has caused significant volatility in U.S. and international markets and there is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies.
The Company's overall business, results of operations and financial condition have been adversely affected by the COVID-19 outbreak. The COVID-19 pandemic is a dynamic and continuously evolving phenomenon and the ultimate severity of the outbreak, and its effect on the Company's business in the future, is uncertain. If the pandemic worsens, additional restrictions are implemented or current restrictions are imposed for a longer period of time to contain the outbreak or re-imposed after a period of relaxation, the Company may experience a material adverse effect on its businesses, results of operations and financial condition, which could result in impairments in future periods.
Adoption of New Accounting Standards. On January 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Topic 326, Financial Instruments - Credit Losses (“Topic 326”), which replaces the current incurred loss impairment methodology for financial assets and other assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. As part of the Company's assessment of the adequacy of its allowances for credit losses, it considered a number of factors including, but not limited to, customer credit ratings and payment history, bankruptcy filings, published or estimated credit default rates, age of receivables, expected loss rates and collateral exposures. The adoption of Topic 326 using a modified retrospective approach did not have a material impact on the Company's consolidated financial position, results of operations or cash flows.
On January 1, 2019, the Company adopted FASB Topic 842, Leases (“Topic 842”) using a modified prospective approach and implemented internal controls and systems to enable the preparation of financial information upon adoption. The Company elected the available practical expedients permitted under the guidance including the option to not separate lease and nonlease components in calculating the right-of-use assets and corresponding lease liabilities and to not apply the recognition requirements of Topic 842 to short-term leases (leases that have a duration of twelve months or less at lease inception). Generally, it was not possible for the Company to determine the interest rate implicit in each of its operating leases and therefore used its incremental borrowing rate in calculating operating lease right-of-use assets and lease liabilities. The Company assigned its leases to portfolios based on the remaining term at the time of adoption and applied a single rate to each portfolio of leases as the result was not materially different than using a specific discount rate for each individual lease. The Company included renewal options that were reasonably certain of being exercised in determining the lease term. Upon adoption, the Company recognized a cumulative-effect adjustment of $25.4 million, net of tax, to the opening balance of retained earnings primarily for previously deferred gains related to sale-leaseback transactions.
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Revenue Recognition. The Company earns revenues from contracts with customers and from lease contracts.
Revenue from Contracts with Customers. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Costs to obtain or fulfill a contract are expensed as incurred.
Ocean Services' revenues from contracts with customers primarily arise from voyage charters, contracts of affreightment, tariff based port and infrastructure services, unit freight logistics services, and technical ship management agreements with vessel owners (see Note 16). Ocean Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Voyage charters are contracts to carry cargoes on a single voyage basis for a predetermined price, regardless of time to complete. Contracts of affreightment are contracts for cargoes that are committed on a multi-voyage basis for various periods of time, with minimum and maximum cargo tonnages specified over the period at a fixed or escalating rate per ton. Tariff based port and infrastructure services typically include operating harbor tugs alongside oceangoing vessels to escort them to their berth, assisting with the docking and undocking of these oceangoing vessels and escorting them back out to sea. They are contracted using prevailing port tariff terms on a per-use basis. In the unit freight logistics trade, transportation services typically include transporting shipping containers, rail cars, project cargoes, automobiles and U.S. military vehicles and are generally contracted on a per unit basis for the specified cargo and destination, typically in accordance with a publicly available tariff rate or based on a negotiated rate when moving larger volumes over an extended period. Managed services include technical ship and crew management agreements whereby Ocean Services provides technical ship and crew management services to third-party customers for a predetermined price over a specified period of time, typically a year or more.
Inland Services' revenues from contracts with customers primarily arise from contracts of affreightment, terminal operations, fleeting operations and repair and maintenance services (see Note 16). Inland Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Contracts of affreightment are contracts whereby customers are charged an established rate per ton to transport cargo from point-to-point. Terminal operations includes tank farms and dry bulk and container handling facilities that are marketed under contractual rates and terms driven by throughput volume. Fleeting operations includes fleeting services whereby barges are held in fleeting areas for an agreed-upon day rate and shifting services whereby harbor boats are used to pick up and drop off barges to assist in assembling tows and to move barges to and from the dock for loading and unloading at predetermined per-shift fees. Other operations primarily include a machine shop specializing in towboat and barge cleaning, repair and maintenance services that are charged on an hourly or a fixed fee basis depending on the scope and nature of the work.
Witt O’Brien’s revenues from contracts with customers primarily arise from time and material contracts and retainer contracts (see Note 16). Witt O’Brien’s transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Time and material contracts primarily relate to emergency response, debris management or consulting services that Witt O’Brien’s performs for a predetermined fee. Retainer contracts, which are nearly all with vessel services operators and oil companies, are contracted based on agreed-upon rates.
The Company’s Other business segment includes Cleancor, which primarily earns revenues from the sale of liquefied natural gas (see Note 16). Under these arrangements, control of the goods is transferred to the customer and performance obligations are satisfied at a point in time, and therefore revenue is recognized upon delivery while any related costs are expensed as incurred.
Contract liabilities from contracts with customers arise when the Company has received consideration prior to performance and are included in other current liabilities in the accompanying consolidated balance sheets. The Company’s contract liability activity for the nine months ended September 30 was as follows (in thousands):
20202019
Balance at beginning of period$794 $968 
Previously deferred revenues recognized upon completion of performance obligations during the period(786)(950)
Net contract liabilities arising during the period2,985 2,723 
Balance at end of period$2,993 $2,741 

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Lease Revenues. The Company’s lease revenues are primarily from time charters, bareboat charters and non-vessel rental agreements that are recognized ratably over the lease term as services are provided, typically on a per day basis. Under a time charter, the Company provides a vessel to a customer for a set term and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation. Under a non-vessel rental agreement, the Company provides non-vessel property or equipment to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation.
Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded their useful life as set forth in the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date.
As of September 30, 2020, the estimated useful life (in years) of each of the Company’s major categories of new equipment was as follows:
Petroleum and chemical carriers - U.S.-flag25
Bulk carriers - U.S.-flag25
Harbor and offshore tugs25
Ocean liquid tank barges25
Short-sea container/RORO(1) vessels
20
Inland river dry-cargo and specialty barges20
Inland river liquid tank barges25
Inland river towboats and harbor boats25
Terminal and fleeting facilities20
______________________
(1)Roll On/Roll Off.
Equipment maintenance and repair costs including the costs of routine overhauls, dry-dockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.
As of September 30, 2020, the Company had construction in progress of $16.4 million that primarily consisted of the construction of four U.S.-flag harbor tugs, an inland river towboat and other machinery and equipment and is included in historical cost in the accompanying condensed consolidated balance sheets. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the nine months ended September 30, 2020, capitalized interest totaled $0.2 million.
Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by the estimated undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying value and impairment charges are recorded if the carrying value exceeds fair value. The Company performs its testing on an asset or asset group basis. The Company’s estimates of undiscounted cash flows are highly subjective and actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. During the nine months ended September 30, 2020 and 2019, the Company did not recognize any impairment charges related to long-lived assets held for use.

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Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the nine months ended September 30, 2020 and 2019, the Company did not recognize any impairment charges related to its 50% or less owned companies.
Income Taxes. During the nine months ended September 30, 2020, the Company’s effective income tax rate of (78.0)% was lower than the statutory rate primarily due to a benefit from a statutory change to the U.S. federal income tax code and income subject to tonnage tax, partially offset by subpart F income, non-deductible expenses, state taxes and foreign taxes not creditable against U.S. income taxes (see Note 8). During the nine months ended September 30, 2019, the Company's effective income tax rate of 15.1% was lower than the statutory rate primarily due to tax not provided on income attributable to noncontrolling interests, foreign sourced income not subject to U.S. tax and income subject to tonnage tax, partially offset by foreign taxes not creditable against U.S. income tax.
Deferred Gains. The Company has sold certain equipment to its 50% or less owned companies, entered into vessel sale-leaseback transactions with finance companies and provided seller financing on sales of its equipment to third parties and its 50% or less owned companies. A portion of the gains realized from these transactions were deferred and recorded in deferred gains and other liabilities in the accompanying condensed consolidated balance sheets. Deferred gain activity related to these transactions for the nine months ended September 30 was as follows (in thousands):
20202019
Balance at beginning of period$12,008 $43,664 
Impact of adoption of accounting principle(1)
 (29,207)
Amortization of deferred gains included in gains on asset dispositions, net(992)(2,119)
Balance at end of period$11,016 $12,338 
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(1)On January 1, 2019, the Company adopted Topic 842 and reduced deferred gains associated with sale-leaseback transactions through a beginning period retained earnings adjustment.
Earnings Per Share. Basic earnings per common share of SEACOR is computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of SEACOR is computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the treasury stock and if-converted methods. Dilutive securities for this purpose assumes restricted stock grants have vested, common shares have been issued pursuant to the exercise of outstanding stock options and common shares have been issued pursuant to the conversion of all outstanding convertible notes.
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Computations of basic and diluted earnings per common share of SEACOR were as follows (in thousands, except share data):
Three Months Ended September 30,Nine Months Ended September 30,
Net Income attributable to SEACORAverage O/S SharesPer ShareNet Income Attributable to SEACORAverage O/S SharesPer Share
2020
Basic Weighted Average Common Shares Outstanding$3,190 19,995,413 $0.16 $12,541 19,975,635 $0.63 
Effect of Dilutive Securities:
Options and Restricted Stock(1)
 22,138  18,347 
Convertible Notes(2)
    
Diluted Weighted Average Common Shares Outstanding$3,190 20,017,551 $0.16 $12,541 19,993,982 $0.63 
2019
Basic Weighted Average Common Shares Outstanding$6,405 19,322,423 $0.33 $28,691 18,618,613 $1.54 
Effect of Dilutive Securities:
Options and Restricted Stock(3)
 189,395  138,588 
Convertible Notes(4)
318 1,227,101 955 1,227,101 
Diluted Weighted Average Common Shares Outstanding$6,723 20,738,919 $0.32 $29,646 19,984,302 $1.48 
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(1)For the three and nine months ended September 30, 2020, diluted earnings per common share of SEACOR excluded 1,801,698 and 1,777,615, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(2)For the three and nine months ended September 30, 2020, diluted earnings per common share of SEACOR excluded 982,080 and 1,107,979, respectively, of common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes, 353,887 and 453,499, respectively, of common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes, and 1,553,780 and 1,553,780, respectively, of common shares issuable pursuant to the Company’s 3.25% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive.
(3)For the three and nine months ended September 30, 2019, diluted earnings per common share of SEACOR excluded 557,321 and 723,370, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(4)For the three and nine months ended September 30, 2019, diluted earnings per common share of SEACOR excluded 827,566 and