Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Accounting Policies (Tables)

v3.19.3
Basis of Presentation and Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Contract with Customer, Asset and Liability The Company’s contract liability activity for the nine months ended September 30 was as follows (in thousands):
2019
Balance at beginning of period $ 968   
Previously deferred revenues recognized upon completion of performance obligations during the period (950)  
Net contract liabilities arising during the period 2,723   
Balance at end of period $ 2,741   
Property, Plant and Equipment
As of September 30, 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
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(1)Roll On/Roll Off.
Schedule Of Deferred Gains Deferred gain activity related to these transactions for the nine months ended September 30 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 —    (8,991)  
Amortization of deferred gains included in gains on asset dispositions (2,119)   (6,988)  
Reclassification of deferred gains into historical cost on reacquired property and equipment —    (3,052)  
Balance at end of period $ 12,338    $ 53,422   
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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.
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 September 30, Nine Months Ended September 30,
Net Income attributable to SEACOR Average O/S Shares Per Share Net Income Attributable to SEACOR Average O/S Shares Per Share
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(1)
—    189,395    —    138,588   
Convertible Notes(2)
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   
2018
Basic Weighted Average Common Shares Outstanding $ 17,067    18,108,388    $ 0.94    $ 62,834    18,052,274    $ 3.48   
Effect of Dilutive Securities:
Options and Restricted Stock(3)
—    303,285    —    299,405   
Convertible Notes(4)
1,625    2,780,881    9,495    4,156,943   
Diluted Weighted Average Common Shares Outstanding $ 18,692    21,192,554    $ 0.88    $ 72,329    22,508,622    $ 3.21   
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(1)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.
(2)For the three and nine months ended September 30, 2019, diluted earnings per common share of SEACOR excluded 827,566 and 1,027,663, 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, 2018, diluted earnings per common share of SEACOR excluded 295,074 and 292,169, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(4)For the three months ended September 30, 2018, diluted earnings per common share of SEACOR excluded 1,408,719 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.