TIDEWATER INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Years ended March 31, 2010, 2009, and 2008  Deferred stock units are fully vested at the time of grant. The company expensed $1.6 million, $0.6 million,  and $1.0 million for the years ended March 31, 2010, 2009 and 2008 related to the deferred stock units plan  which is reflected in general and administrative expenses. The liability for this plan will be adjusted in the  future until paid to the participant to reflect the value of the units at the respective quarter end Tidewater  stock price.  The company has 125 million shares of $0.10 par value common stock authorized. At March 31, 2010 and  2009, 51,830,048 shares and 51,696,245 shares, respectively, were issued. At March 31, 2010 and 2009,  3,000,000 shares of no par value preferred stock were authorized and unissued. In July 2009, the company’s Board of Directors authorized the company to spend up to $200.0 million to  repurchase shares of its common stock in open-market or privately-negotiated transactions. The company  announced on May 14, 2010 that its Board of Directors has extended this program. The company will use its  available cash and, when considered advantageous, borrowings under its revolving credit facility, or other  borrowings, to fund any share repurchases. The repurchase program was scheduled to expire on  June 30, 2010, but has now been extended to expire on the earlier of the date that all authorized funds have  been expended or June 30, 2011 unless extended by the Board of Directors. No amounts have been  expended under the July 2009 authorized program through March 31, 2010, and at March 31, 2010,  $200.0 million remained available to repurchase shares under the 2009 program until it expires. During  fiscal 2010, the company did not repurchase shares of its common stock. The company will continue to  evaluate share repurchase opportunities relative to other investment opportunities and in the context of  current conditions in the credit and capital markets The company’s Board of Directors had previously authorized the company in July 2008 to repurchase up to  $200.0 million in shares of its common stock in open-market or privately-negotiated transactions. The Board  of Directors’ authorization for this repurchase program expired on June 30, 2009. Given the credit markets  volatility over the past year and a half, the company focused on preserving cash. As a result, no amounts  were expended from inception of the July 2008 authorized program through its conclusion on June 30, 2009. During fiscal 2009, the company expended $53.6 million to repurchase and cancel 915,900 common  shares, or an average price paid per common share of $58.56 pursuant to a repurchase program authorized  by the Board of Directors in July 2007. During fiscal 2008, the company expended $310.0 million to repurchase and cancel 5,279,600 common  shares, or an average price paid per common shares of $58.73. Of the 5,279,600 shares cancelled,  F-31 Common Stock Repurchases  (8) STOCKHOLDERS’ EQUITY Weighted-average Number Grant-Date Of Fair Value  Units  Balance at March 31, 2007  $  58.58  15,755  Dividend equivalents reinvested  56.34  141  Retirement distribution 61.62 (4,170) Granted 56.02 16,621 Balance at March 31, 2008  56.50 28,347 Dividend equivalents reinvested  44.88  636  Granted 37.13 27,966 Balance at March 31, 2009  46.90 56,949 Dividend equivalents reinvested  45.10  1,167  Retirement distribution 42.05 (7,000) Granted 47.11 21,812 Balance at March 31, 2010  $  47.40  72,928  The following table sets forth a summary of deferred stock unit activity of the company for fiscal 2010, 2009  and 2008: