Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Accounting Policies (Tables)

v3.19.1
Basis of Presentation and Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Contract with Customer, Asset and Liability
The Company’s contract liability activity for the three months ended March 31 was as follows (in thousands):
 
2019
Balance at beginning of period
$
968

Contract liabilities arising during the period
7,351

Revenue recognized upon completion of performance obligations during the period
(408
)
Balance at end of period
$
7,911

Property, Plant and Equipment
As of March 31, 2019, 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.-flag
25
Bulk carriers - U.S.-flag
25
Harbor and offshore tugs
25
Ocean liquid tank barges
25
Short-sea container/RORO(1) vessels
20
Inland river dry-cargo and specialty barges
20
Inland river liquid tank barges
25
Inland river towboats and harbor boats
25
Terminal and fleeting facilities
20
______________________
(1)
Roll On/Roll Off.
Schedule Of Deferred Gains
Deferred gain activity related to these transactions for the three months ended March 31 was as follows (in thousands):
 
2019
 
2018
Balance at beginning of period
$
43,664

 
$
72,453

Impact of adoption of accounting principle(1)
(29,207
)
 

Amortization of deferred gains included in operating expenses as a reduction to rental expense

 
(2,557
)
Amortization of deferred gains included in gains on asset dispositions
(331
)
 
(518
)
Balance at end of period
$
14,126

 
$
69,378


______________________
(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.
 
Schedule of Earnings Per Share
Computations of basic and diluted earnings per common share of SEACOR were as follows (in thousands, except share data):
 
Three Months Ended March 31,
 
Net Income attributable to SEACOR
 
Average O/S Shares
 
Per Share
2019
 
 
 
 
 
Basic Weighted Average Common Shares Outstanding
$
7,733

 
18,232,562

 
$
0.42

Effect of Dilutive Securities:
 
 
 
 
 
Options and Restricted Stock(1)

 
111,676

 
 
Convertible Notes(2)
318

 
1,227,101

 
 
Diluted Weighted Average Common Shares Outstanding
$
8,051

 
19,571,339

 
$
0.41

2018
 
 
 
 
 
Basic Weighted Average Common Shares Outstanding
$
641

 
17,969,970

 
$
0.04

Effect of Dilutive Securities:
 
 
 
 
 
Options and Restricted Stock(3)

 
208,548

 
 
Convertible Notes(4)

 

 
 
Diluted Weighted Average Common Shares Outstanding
$
641

 
18,178,518

 
$
0.04

______________________
(1)
For the three months ended March 31, 2019, diluted earnings per common share of SEACOR excluded 1,012,711 of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(2)
For the three months ended March 31, 2019, diluted earnings per common share of SEACOR excluded 1,302,221 of common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 1,553,780 of common shares 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 months ended March 31, 2018, diluted earnings per common share of SEACOR excluded 503,459 of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(4)
For the three months ended March 31, 2018, diluted earnings per common share of SEACOR excluded 1,227,101 of common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes and 2,895,516 of common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive.