Company: TDDWW
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001437749-25-014565
Chunk: 24

Company: TIDEWATER INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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:

     Total shares outstanding including warrants, restricted stock units and stock options   March 31, 2025    March 31, 2024  
 Common shares outstanding   50,852,297   52,759,223 
 New creditor warrants (strike price $0.001 per common share)   76,175   81,244 
 GulfMark creditor warrants (strike price $0.01 per common share)   72,984   88,887 
 Restricted stock units   347,362   582,908 
 Total   51,348,818   53,512,262 

   At  March 31, 2024, we also had 782,993 “out-of-the-money” warrants outstanding and exercisable for 861,292 shares (based on a 1 warrant to a 1.1 share ratio) with an exercise price of $100.00, which expired  November 14, 2024. No warrants or restricted stock units, whether in the money or out of the money, are included in our earnings per share calculations if the effect of such inclusion is antidilutive.
    
   Common Stock Repurchases
    
   On  February 27, 2025 our Board of Directors (Board) approved a new $90.3 million share repurchase program. During the three months ended  March 31, 2025, we repurchased and retired 910,481 shares for approximately $39.3 million, excluding commissions and a 1% excise tax. Subsequent to the end of the quarter, during the month of  April, we repurchased an additional 1,379,723 shares for approximately $50.8 million excluding commissions and a 1% excise tax. During 2024, our Board approved several share repurchase programs aggregating $90.7 million. During the year ended  December 31, 2024, we repurchased and retired 1,384,186 shares for approximately $90.7 million, excluding commissions and a 1% excise tax.

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    (6)  INCOME TAXES  

   Income tax rates and taxation systems in the jurisdictions where we and our subsidiaries conduct business vary and our subsidiaries are frequently subjected to minimum taxation regimes. In some jurisdictions, tax liabilities are based on gross revenues, statutory deemed profits or other factors, rather than on net income.