v3.8.0.1
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED COMPREHENSIVE INCOME (Tables)
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12 Months Ended |
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Stockholders' Equity Note [Abstract] |
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Rollforward schedule of Common Stock |
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 | | | 34,976,743 |
| | | Issuance of restricted stock | | 237,248 |
| | $ | 17.41 |
| | | 35,213,991 |
| | | Issuance of restricted stock | | 312,634 |
| | $ | 11.27 |
| | | 35,526,625 |
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Schedule of antidilutive securities |
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: | | | | | | | | | | | | | | | | | | | 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 |
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Schedule of earnings per share |
The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | 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 | ) |
_____________ | | (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. |
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Schedule of 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) | | Unrealized loss on cash flow hedges (2) | | Total | | | $ | (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 |
| | — |
| | — |
| | | (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 |
| | — |
| | — |
| | | (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 | ) | | — |
| | — |
| | | $ | (79,066 | ) | | $ | (206,682 | ) | | $ | (346 | ) | | $ | (286,094 | ) |
_______________ (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.
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- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss).
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- DefinitionTabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.
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- DefinitionTabular disclosure of the change in common stock outstanding.
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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