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

Stockholders’ Investment

Common Stock — The total number of authorized shares of our common stock reserved as of March 31, 2018 was 6,980,081. 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, 2018 and 2017:



	Shares	Weighted Average Price Per Share
Outstanding as of March 31, 2016	34,976,743
Issuance of restricted stock	237,248	$	17.41
Outstanding as of March 31, 2017	35,213,991
Issuance of restricted stock	312,634	$	11.27
Outstanding as of March 31, 2018	35,526,625

Restrictions on Foreign Ownership of Common Stock — Under the Federal Aviation Act of 1958, as amended (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 certain operations within our Americas region. 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, 2018, approximately 6,214,000 shares of our common stock were held by persons with foreign addresses. These shares represented approximately 17% of our total outstanding common shares as of March 31, 2018. Our foreign ownership may fluctuate on each trading day because our common stock is publicly traded.

Dividends — In August 2017, we suspended our quarterly dividend as part of a broader plan of reducing costs and improving liquidity. Prior to that, we paid quarterly dividends of $0.07 per share during the first quarter of fiscal year 2018 and each quarter of fiscal year 2017, quarterly dividends of $0.34 per share during the first, second and third quarters of fiscal year 2016 and a dividend of $0.07 per share during the fourth quarter of fiscal year 2016. For fiscal years 2018, 2017 and 2016, we paid dividends totaling $2.5 million, $9.8 million and $38.1 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.

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,
	2018		2017		2016
Options:
Outstanding	2,890,140		1,815,020		1,194,783
Weighted average exercise price	$	38.77	$	31.98	$	62.11
Restricted stock awards:
Outstanding	547,927		541,014		286,804
Weighted average price	$	21.00	$	26.76	$	37.27

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



	Fiscal Year Ended March 31,
	2018			2017			2016
Loss (in thousands):
Loss available to common stockholders – basic	$	(195,658	)	$	(170,536	)	$	(73,940	)
Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax ⁽¹⁾	—			—			—
Loss available to common stockholders	$	(195,658	)	$	(170,536	)	$	(73,940	)
Shares:
Weighted average number of common shares outstanding – basic	35,288,579			35,044,040			34,893,844
Assumed conversion of 4½% Convertible Senior Notes outstanding during period ⁽¹⁾	—			—			—
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method	—			—			—
Weighted average number of common shares outstanding – diluted ⁽²⁾	35,288,579			35,044,040			34,893,844

Basic loss per common share	$	(5.54	)	$	(4.87	)	$	(2.12	)
Diluted loss per common share	$	(5.54	)	$	(4.87	)	$	(2.12	)

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⁽¹⁾

Diluted earnings per common share for fiscal year 2018 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 4½% Convertible Senior Notes. The 4½% Convertible Senior Notes will be convertible, under certain circumstances, into cash, shares of our common stock or a combination of cash and our common stock, at our election. We have initially elected combination settlement. As of March 31, 2018, the base conversion price of the notes was approximately $15.64, based on the base conversion rate of 63.9488 shares of common stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances). In general, upon conversion of a note, the holder will receive 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. Such shares did not impact our calculation of diluted earnings per share for fiscal year 2018 as our average stock price during the year did not meet or exceed the conversion requirements.


⁽²⁾	Potentially dilutive shares issuable pursuant to our Warrant Transactions were not included in the computation of diluted income per share for fiscal year 2018, because to do so would have been anti-dilutive. For further details on the Warrant Transactions, see Note 4.

Accumulated Other Comprehensive Income (Loss)

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⁾			Unrealized loss on cash flow hedges⁽²⁾			Total
Balance as of March 31, 2015	$	(39,066	)	$	(231,263	)	$	—		$	(270,329	)
Other comprehensive loss before reclassification	(20,195		)	(5,583		)	—			(25,778		)
Reclassified from accumulated other comprehensive loss	—			6,288			—			6,288
Net current period other comprehensive income (loss)	(20,195		)	705			—			(19,490		)
Foreign exchange rate impact	(8,104		)	8,104			—			—
Balance as of March 31, 2016	(67,365		)	(222,454		)	—			(289,819		)
Other comprehensive loss before reclassification	(26,947		)	(17,142		)	—			(44,089		)
Reclassified from accumulated other comprehensive loss	—			5,631			—			5,631
Net current period other comprehensive loss	(26,947		)	(11,511		)	—			(38,458		)
Foreign exchange rate impact	(55,409		)	55,409			—			—
Balance as of March 31, 2017	(149,721		)	(178,556		)	—			(328,277		)
Other comprehensive income before reclassification	30,196			3,713			(414		)	33,495
Reclassified from accumulated other comprehensive loss	—			8,620			68			8,688
Net current period other comprehensive income (loss)	30,196			12,333			(346		)	42,183
Foreign exchange rate impact	40,459			(40,459		)	—			—
Balance as of March 31, 2018	$	(79,066	)	$	(206,682	)	$	(346	)	$	(286,094	)

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

⁽¹⁾ Reclassification of amounts related to cash flow hedges were included as direct costs.