Earnings (Loss) Per Share, Stock-Based Compensation and Share Repurchase Plan |
9 Months Ended |
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Sep. 30, 2026 | |
| Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Abstract] | |
| Share-Based Payment Arrangement | EARNINGS (LOSS) PER SHARE, SHARE-BASED COMPENSATION AND SHARE REPURCHASE PLAN Earnings (Loss) per Share. For each period presented, the only difference between our calculated weighted-average basic and diluted number of shares outstanding is the effect of outstanding restricted stock units and beginning in 2026, also performance stock units. For each period presented, our net income (loss) allocable to both common shareholders and diluted common shareholders is the same as our net income (loss) attributable to Oceaneering in our consolidated statements of operations. Share-Based Compensation. Annually, the Compensation Committee of our Board of Directors (the “Compensation Committee”) issues to certain of our key executives and employees annual long-term incentive awards of restricted stock units, which are settled in shares of our common stock, and performance-based award of performance units, which were paid in cash prior to the 2026 awards and in shares of our common stock beginning with the 2026 awards. In addition, grants of restricted stock are issued to our nonemployee directors and generally vest in full on the first anniversary of the award date, conditional upon continued service as a director. Each grantee of shares of restricted stock is deemed to be the record owner of those shares during the restriction period, with the right to vote and receive any dividends on those shares. Restricted Stock Units. Each restricted unit awarded prior to February 2026, generally vested in full on the third anniversary of the award date, conditional on continued employment through such vesting date. The remainder of the grants made to employees can vest pro rata over three years, provided the individual meets certain age and years of service requirements. Beginning in February 2026, the Compensation Committee approved grants of restricted stock unit awards that will vest ratably on each of the first, second and third anniversary of the grant date. We estimate that share-based compensation costs not yet recognized related to shares of restricted stock or restricted stock units, based on their grant-date fair values, were $20 million as of September 30, 2026. This expense is generally being recognized on a straight-line basis over the applicable vesting period. For each of the restricted stock units granted in 2023 through September 30, 2026, at the earlier of three years after grant or at termination of employment or service, the grantee will be issued one share of our common stock for each unit vested. As of September 30, 2026 and December 31, 2025, respective totals of 1,777,536 and 1,902,174 shares of restricted stock and restricted stock units were outstanding. Performance Stock Units. Beginning in February 2026, the Compensation Committee approved awards of stock-denominated performance stock units instead of cash-denominated performance units. To the extent earned, performance stock units will be settled in shares of our common stock, rather than in cash as has been the case for performance units awarded in prior years. We estimate that share-based compensation cost not yet recognized related to shares of performance stock units was $7.7 million as of September 30, 2026. This expense is generally being recognized on a straight-line basis over the applicable vesting period. For each of the performance stock units granted as of September 30, 2026, the grantee will be issued one share of our common stock for each unit vested three years after grant. As of September 30, 2026, 358,117 shares of performance stock units were outstanding. Share Repurchase Plan. In December 2014, our Board of Directors approved a share repurchase program under which we may repurchase up to 10 million shares of our common stock on a discretionary basis. Under the program, which has no expiration date, we repurchased 2.8 million shares for $121 million through December 31, 2024. In the year ended December 31, 2025, we repurchased 1.8 million for $40 million. During the three- and nine-month periods ended September 30, 2026, we repurchased 0.1 million and 0.4 million shares for $5.0 million and $15 million, respectively. As of September 30, 2026, we retained 11 million of the shares we repurchased through this and a prior repurchase program. We expect to hold the shares repurchased and any additional shares repurchased under the plan as treasury stock for possible future use. The timing and amount of any future repurchases will be determined by our management. We are not obligated to make any future repurchases. We account for the shares we hold in treasury under the cost method, at average cost.
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