STOCKHOLDERS’ INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Stockholders’ Investment

Common Stock — The total number of authorized shares of our Common Stock reserved as of March 31, 2016 was 3,950,524. These shares are reserved in connection with our stock-based compensation plans.

The following is a summary of changes in outstanding shares of Common Stock for the years ended March 31, 2016 and 2015:



	Shares		Weighted Average Price Per Share
Outstanding as of March 31, 2014	35,708,469
Exercise of stock options	114,145		$	45.31
Issuance of restricted stock	176,609		73.73
Repurchases of Common Stock	(1,160,940	)	69.63
Other	91		67.47
Outstanding as of March 31, 2015	34,838,374
Issuance of restricted stock	138,369		45.69
Outstanding as of March 31, 2016	34,976,743

Restrictions on Foreign Ownership of Common Stock — Under the Federal Aviation Act, it is unlawful to operate certain aircraft for hire within the U.S. unless such aircraft are registered with the Federal Aviation Administration (the “FAA”) and the FAA has issued an operating certificate to the operator. As a general rule, aircraft may be registered under the Federal Aviation Act only if the aircraft are owned or controlled by one or more citizens of the U.S. and an operating certificate may be granted only to a citizen of the U.S. For purposes of these requirements, a corporation is deemed to be a citizen of the U.S. only if, among other things, at least 75% of its voting interests are owned or controlled by U.S. citizens. If persons other than U.S. citizens should come to own or control more than 25% of our voting interest or if any other requirements are not met, we have been advised that our aircraft may be subject to deregistration under the Federal Aviation Act, and we may lose our ability to operate within the U.S. Deregistration of our aircraft for any reason, including foreign ownership in excess of permitted levels, would have a material adverse effect on our ability to conduct operations within our North America and Bristow Academy business units. Therefore, our organizational documents currently provide for the automatic suspension of voting rights of shares of our Common Stock owned or controlled by non-U.S. citizens, and our right to redeem those shares, to the extent necessary to comply with these requirements. As of March 31, 2016, approximately 1,512,000 shares of our Common Stock were held by persons with foreign addresses. These shares represented approximately 4% of our total outstanding common shares as of March 31, 2016. Our foreign ownership may fluctuate on each trading day because our Common Stock is publicly traded.

Dividends — We paid quarterly dividends of $0.34 per share during the first, second and third quarters of fiscal year 2016 and $0.07 per share during the fourth quarter of fiscal year 2016, quarterly dividends of $0.32 per share during each quarter of fiscal year 2015 and quarterly dividends of $0.25 per share during each quarter of fiscal year 2014. On May 23, 2016, our board of directors approved a dividend of $0.07 per share of Common Stock, payable on June 29, 2016 to shareholders of record on June 14, 2016. For fiscal years 2016, 2015 and 2014, we paid dividends totaling $38.1 million, $45.1 million and $36.3 million, respectively, to our stockholders. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments.

Share Repurchases — We did not repurchase any shares of Common Stock during fiscal year 2016. During fiscal years 2015 and 2014, we repurchased 1,160,940 and 1,043,875 shares of our Common Stock for $80.8 million and $77.7 million, respectively. As of May 20, 2016, we had $150.0 million of remaining repurchase authority that was authorized by our board of directors for share repurchases through November 4, 2016; however, covenants in our debt agreements restrict our ability to repurchase our Common Stock. Shares outstanding used to calculate earnings per share during fiscal years 2016, 2015 and 2014 reflect the repurchase of shares when they were delivered.

Earnings per Share

Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:



	Fiscal Year Ended March 31,
	2016		2015		2014
Options:
Outstanding	1,194,783		682,800		297,595
Weighted average exercise price	$	62.11	$	69.04	$	43.59
Restricted stock awards:
Outstanding	286,804		—		7,416
Weighted average price	$	37.27	$	—	$	70.90

The following table sets forth the computation of basic and diluted earnings per share:



	Fiscal Year Ended March 31,
	2016			2015		2014
Earnings (in thousands):
Income (loss) available to common stockholders – basic	$	(73,940	)	$	84,300	$	186,737
Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax ⁽¹⁾	—			—		—
Income (loss) available to common stockholders – diluted	$	(73,940	)	$	84,300	$	186,737
Shares:
Weighted average number of common shares outstanding – basic	34,893,844			35,193,480		36,283,853
Assumed conversion of 3% Convertible Senior Notes outstanding during the period ⁽¹⁾	—			—		—
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method	—			335,125		412,911
Weighted average number of common shares outstanding – diluted	34,893,844			35,528,605		36,696,764
Basic earnings (loss) per common share	$	(2.12	)	$	2.40	$	5.15
Diluted earnings (loss) per common share	$	(2.12	)	$	2.37	$	5.09

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⁽¹⁾

Diluted earnings per common share for fiscal years 2016, 2015 and 2014 excluded a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of March 31, 2016, we had repurchased the $115.0 million principal amount of our 3% Convertible Senior Notes. Prior to the purchase, upon conversion of a note, the holder would have received cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeded the base conversion price, holders would have received additional shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for fiscal years 2016, 2015 and 2014 as our average stock price during these periods did not meet or exceed the conversion requirements. See Note 5 for further details.

Accumulated Other Comprehensive Income

The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:



	Currency Translation Adjustments			Pension Liability Adjustments ⁽¹⁾			Total
Outstanding as of March 31, 2013	$	14,689		$	(214,372	)	$	(199,683	)
Other comprehensive income before reclassification	19,810			17,063			36,873
Reclassified from accumulated other comprehensive income	—			6,304			6,304
Net current period other comprehensive income	19,810			23,367			43,177
Foreign exchange rate impact	23,313			(23,313		)	—
Outstanding as of March 31, 2014	57,812			(214,318		)	(156,506		)
Other comprehensive income before reclassification	(76,845		)	(42,301		)	(119,146		)
Reclassified from accumulated other comprehensive income	—			5,323			5,323
Net current period other comprehensive income	(76,845		)	(36,978		)	(113,823		)
Foreign exchange rate impact	(20,033		)	20,033			—
Outstanding as of March 31, 2015	(39,066		)	(231,263		)	(270,329		)
Other comprehensive income before reclassification	(20,195		)	(5,583		)	(25,778		)
Reclassified from accumulated other comprehensive income	—			6,288			6,288
Net current period other comprehensive income	(20,195		)	705			(19,490		)
Foreign exchange rate impact	(8,104		)	8,104			—
Outstanding as of March 31, 2016	$	(67,365	)	$	(222,454	)	$	(289,819	)

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⁽¹⁾ Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost.