Equity and EPS

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Equity and EPS

NOTE 7: EQUITY AND EPS

Capital Stock. Common Stockholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board are to be filled only by the shareholders and not by the Board. Shareholders who own 10 percent or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stockholders adversely. Generally, Common Stockholders and Preferred Stockholders vote as separate classes on all other matters requiring shareholder approval.

On September 1, 2015, the Company's Board of Directors authorized the purchase of 950,000 shares of common stock for $14,488 in a privately negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. was the 70 percent owner of ICP, the Company's 30 percent equity method investment until it was sold on July 3, 2017 (Note 3).

EPS. The computations of basic and diluted EPS:

	Year Ended December 31,
	2017		2016		2015
Operations:
Net income(a)	$	41,823	$	31,184	$	26,191
Less: Income attributable to participating securities (unvested shares and units) (b)	996		954		873
Net income attributable to common shareholders	$	40,827	$	30,230	$	25,318
Share information:
Basic and diluted weighted average common shares(c)(d)	16,746,731		16,643,811		17,123,556
Basic and diluted EPS(d)	$	2.44	$	1.82	$	1.48

^(a)  Net income attributable to all shareholders.

^(b)  Participating securities included unvested restricted stock of0,0, and 128,500 for the years ended December 31, 2017, 2016, and 2015, as well as RSUs of 368,492, 527,486, and 437,946 for the years ended December 31, 2017, 2016, and 2015, respectively.

^(c)  Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities.

^(d)  Basic and diluted weighted average common shares were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. was the 70 percent owner of ICP, the Company's 30 percent equity method investment until it was sold on July 3, 2017 (Note 3).

Accumulated Other Comprehensive Income (Loss). Changes in Accumulated Other Comprehensive Income (Loss) by Component:

	Pension Plan Items			(a)	Post-Employment Benefit Plan Items			Other			Total
Balance, December 31, 2014	$	(244	)		$	(456	)	$	(32	)	$	(732	)
Other comprehensive income (loss) before reclassifications	(355		)		47			(10		)	(318		)
Amounts reclassified from accumulated other comprehensive income	599				(101		)	52			550
Net 2015 other comprehensive income (loss)	244				(54		)	42			232
Balance, December 31, 2015	$	—			$	(510	)	$	10		$	(500	)
Other comprehensive income (loss) before reclassifications	—				113			(14		)	99
Amounts reclassified from accumulated other comprehensive income	—				21			7			28
Net 2016 other comprehensive income (loss)	—				134			(7		)	127
Balance, December 31, 2016	$	—			$	(376	)	$	3		$	(373	)
Other comprehensive income (loss) before reclassifications	—				181			(8		)	173
Amounts reclassified from accumulated other comprehensive income	—				(115		)	4			(111		)
Net 2017 other comprehensive income (loss)	—				66			(4		)	62
Balance, December 31, 2017	$	—			$	(310	)	$	(1	)	$	(311	)

^(a)  The Company's pension benefit plans were terminated in June 2015.

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) for 2017:

Details about Accumulated Other Comprehensive Income Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
Post Employment Benefit Items:
Amortization of prior service cost	$	(339	)	(a)
Recognized net actuarial loss	184			(a)
	(155		)
	40			Tax expense
	$	(115	)	Net of tax
Equity Method Investment Adjustment:
Accumulated postretirement benefit obligation	$	7
	(3		)	Tax benefit
	$	4		Net of tax
Reclassifications for 2017	$	(111	)	Total net of tax

^(a)  These accumulated other comprehensive income components are included in the computation of net period post-employment benefit cost (Note 9).