Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Accounting Policies (Tables)

v3.20.2
Basis of Presentation and Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Contract with Customer, Asset and Liability The Company’s contract liability activity for the six months ended June 30 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 (621)   (700)  
Net contract liabilities arising during the period 5,790    5,443   
Balance at end of period $ 5,963    $ 5,711   
Property, Plant and Equipment
As of June 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.-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 six months ended June 30 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 (661)   (1,001)  
Balance at end of period $ 11,347    $ 13,456   
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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 June 30, Six Months Ended June 30,
Net Income attributable to SEACOR Average O/S Shares Per Share Net Income Attributable to SEACOR Average O/S Shares Per Share
2020
Basic Weighted Average Common Shares Outstanding $ 7,884    19,980,830    $ 0.39    $ 9,351    19,965,637    $ 0.47   
Effect of Dilutive Securities:
Options and Restricted Stock(1)
—    2,109    —    20,945   
Convertible Notes(2)
293    1,116,140    —    —   
Diluted Weighted Average Common Shares Outstanding $ 8,177    21,099,079    $ 0.39    $ 9,351    19,986,582    $ 0.47   
2019
Basic Weighted Average Common Shares Outstanding $ 14,553    18,288,879    $ 0.80    $ 22,286    18,260,876    $ 1.22   
Effect of Dilutive Securities:
Options and Restricted Stock(3)
—    117,543    —    112,013   
Convertible Notes(4)
318    1,227,101    637    1,227,101   
Diluted Weighted Average Common Shares Outstanding $ 14,871    19,633,523    $ 0.76    $ 22,923    19,599,990    $ 1.17   
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(1)For the three and six months ended June 30, 2020, diluted earnings per common share of SEACOR excluded 1,806,185 and 1,738,756, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(2)For the six months ended June 30, 2020, diluted earnings per common share of SEACOR excluded 1,171,620 of common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. For the three and six months ended June 30, 2020, diluted earnings per common share of SEACOR excluded 434,101 and 503,852, 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 six months ended June 30, 2019, diluted earnings per common share of SEACOR excluded 893,722 and 919,121, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(4)For the three and six months ended June 30, 2019, diluted earnings per common share of SEACOR excluded 958,418 and 1,129,370, 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.