Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Accounting Policies (Tables)

v3.20.1
Basis of Presentation and Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2020
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):
2020 2019
Balance at beginning of period $ 794    $ 968   
Previously deferred revenues recognized upon completion of performance obligations during the period (394)   (408)  
Net contract liabilities arising during the period 7,504    7,351   
Balance at end of period $ 7,904    $ 7,911   
Property, Plant and Equipment
As of March 31, 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.-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 three months ended March 31 was as follows (in thousands):
2020 2019
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 (331)   (331)  
Balance at end of period $ 11,677    $ 14,126   
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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 March 31,
Net Income Attributable to SEACOR Average O/S Shares Per Share
2020
Basic Weighted Average Common Shares Outstanding $ 1,467    19,950,444    $ 0.07   
Effect of Dilutive Securities:
Options and Restricted Stock(1)
—    43,581   
Convertible Notes(2)
—    —   
Diluted Weighted Average Common Shares Outstanding $ 1,467    19,994,025    $ 0.07   
2019
Basic Weighted Average Common Shares Outstanding $ 7,733    18,232,562    $ 0.42   
Effect of Dilutive Securities:
Options and Restricted Stock(3)
—    111,676   
Convertible Notes(4)
318    1,227,101   
Diluted Weighted Average Common Shares Outstanding $ 8,051    19,571,339    $ 0.41   
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(1)For the three months ended March 31, 2020, diluted earnings per common share of SEACOR excluded 1,576,797 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, 2020, diluted earnings per common share of SEACOR excluded 573,604 of common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes, 1,227,101 of common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes and 1,553,780 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 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.
(4)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 issuable pursuant to the Company’s 3.25% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive.