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Tidewater Inc.

$89.75 +$37.52 (+71.84%)
NYSE · 15 Sep 2026 15:24 UTC
Previous Close
$88.58
Day Range
$89.19$90.64
Year Range
$46.65$101.58
Market Cap
4.46B
AVG Volume
716.35K
Trailing/Forward PE
18.01/14.62
PEG ratio
0.16
Dividend Yield
-
Next Earnings Date
2026-11-09
Primary Exchange
New York Stock ExchangeUS
Revenue (USD)
0100M200M300M400M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Revenue (USD) by quarter
PeriodRevenue (USD)
26 Q2342.29M
26 Q1326.22M
25 Q4336.8M
25 Q3341.11M
25 Q2341.43M
25 Q1333.44M
24 Q4345.08M
24 Q3340.36M
24 Q2339.23M
24 Q1321.16M
Net Income (USD)
-100M0100M200M300M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Net Income (USD) by quarter
PeriodNet Income (USD)
26 Q221.66M
26 Q16.14M
25 Q4219.88M
25 Q3-806K
25 Q272.93M
25 Q142.65M
24 Q436.91M
24 Q346.37M
24 Q250.35M
24 Q147.03M
Operating Income (USD)
025M50M75M100M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Operating Income (USD) by quarter
PeriodOperating Income (USD)
26 Q262.53M
26 Q158.98M
25 Q467.24M
25 Q362.07M
25 Q280.92M
25 Q175.05M
24 Q481.38M
24 Q369.95M
24 Q278.13M
24 Q181.9M
EBITDA (USD)
050M100M150M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW EBITDA (USD) by quarter
PeriodEBITDA (USD)
26 Q2128.98M
26 Q1124.39M
25 Q4107.39M
25 Q3103.69M
25 Q2131.64M
25 Q1123.79M
24 Q4108.47M
24 Q3115.73M
24 Q2116.31M
24 Q1118.1M
Cash Flows (USD)
050M100M150M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Cash Flows (USD) by quarter
PeriodCash Flows (USD)
26 Q256.41M
26 Q14.19M
25 Q4147.81M
25 Q349.62M
25 Q280.21M
25 Q175.71M
24 Q486.77M
24 Q343.42M
24 Q272.25M
24 Q143.82M
EPS (USD)
-2024624 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW EPS (USD) by quarter
PeriodEPS (USD)
26 Q20.43
26 Q10.12
25 Q44.41
25 Q3-0.02
25 Q21.46
25 Q10.83
24 Q40.7
24 Q30.87
24 Q20.94
24 Q10.89
Expenses (USD)
020M40M60M80MSG&ACapex24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Expenses (USD) by quarter
PeriodExpenses (USD)
26 Q264.65M
26 Q148.44M
25 Q435.77M
25 Q340.38M
25 Q236.44M
25 Q139.36M
24 Q434.51M
24 Q334.18M
24 Q232.72M
24 Q136.27M
Cash & Debt (USD)
0200M400M600M800MCashLong Term DebtShort Term Debt24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Cash & Debt (USD) by quarter
PeriodCash & Debt (USD)
26 Q2613.54M
26 Q1552.28M
25 Q4578.76M
25 Q3428.23M
25 Q2369.4M
25 Q1341.8M
24 Q4324.92M
24 Q3280.84M
24 Q2315.9M
24 Q1280.85M
Debt ratios
00.511.524 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Debt ratios by quarter
PeriodDebt ratios
26 Q20.09
26 Q10.22
25 Q40.22
25 Q30.53
25 Q20.53
25 Q10.63
24 Q40.68
24 Q30.8
24 Q20.89
24 Q11.15
Margins
0%10%20%30%40%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Margins by quarter
PeriodMargins
26 Q228.45%
26 Q128.4%
25 Q429.06%
25 Q328.53%
25 Q231.24%
25 Q130.47%
24 Q431.7%
24 Q328.9%
24 Q230.2%
24 Q129.95%
Return on Capital
-5%0%5%10%15%20%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Return on Capital by quarter
PeriodReturn on Capital
26 Q21.56%
26 Q10.45%
25 Q416.15%
25 Q3-0.07%
25 Q26.42%
25 Q13.84%
24 Q43.32%
24 Q34.16%
24 Q24.67%
24 Q14.46%
Shares Outstanding
020M40M60M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Shares Outstanding by quarter
PeriodShares Outstanding
26 Q249.74M
26 Q149.59M
25 Q449.56M
25 Q349.5M
25 Q249.67M
25 Q151.5M
24 Q452.31M
24 Q352.49M
24 Q252.68M
24 Q152.32M
Dividends (USD)
02.557.510Feb 14Jun 14Sep 14Dec 14Mar 15Jun 15Sep 15Dec 15Dec 17Dec 20
TDW Dividends (USD) by quarter
PeriodDividends (USD)
Dec 200.01
Dec 170.01
Dec 158.06
Sep 158.06
Jun 158.06
Mar 158.06
Dec 148.06
Sep 148.06
Jun 148.06
Feb 148.06
Employee Count
02K4K6K8K2016201720182019202020212022202320242025
TDW Employee Count by quarter
PeriodEmployee Count
20257.3K
20247.7K
20237.3K
20226.3K
20214.4K
20205.4K
20195.3K
20185.5K
20175.51K
20166.55K
Book Value Per Share (USD)
010203024 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Book Value Per Share (USD) by quarter
PeriodBook Value Per Share (USD)
26 Q227.91
26 Q127.51
25 Q427.46
25 Q323.01
25 Q222.87
25 Q121.56
24 Q421.24
24 Q321.22
24 Q220.48
24 Q120.17
Total Assets (USD)
01B2B3B24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TDW Total Assets (USD) by quarter
PeriodTotal Assets (USD)
26 Q22.37B
26 Q12.34B
25 Q42.39B
25 Q32.13B
25 Q22.07B
25 Q12.07B
24 Q42.07B
24 Q32.05B
24 Q22.09B
24 Q12.08B
PE Ratio
51015202530med 14Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TDW PE Ratio by quarter
PeriodPE Ratio
Sep 2617.85
Sep 2618.73
Sep 2618.99
Aug 2618.66
Aug 2619.19
Aug 2618.99
Aug 2616.69
Jul 2612.48
Jul 2613.06
Jul 2612.61
Jul 2612.2
Jul 2611.33
Jun 2611.2
Jun 2610.76
Jun 2612.79
Jun 2612.06
May 2612.22
May 2613.19
May 2613.7
May 2613.5
May 2613.01
Apr 2613.11
Apr 2612.63
Apr 2612.75
Apr 2612.5
Mar 2612.2
Mar 2610.73
Mar 2611.37
Mar 2611.52
Feb 2625.92
Feb 2623.95
Feb 2622.82
Feb 2621.65
Jan 2620.39
Jan 2619.7
Jan 2618.75
Jan 2618.44
Jan 2617.04
Dec 2516.42
Dec 2516.43
Dec 2518.18
Dec 2518.81
Nov 2517.63
Nov 2517.54
Nov 2519.18
Nov 2513.21
Oct 2512.64
Oct 2512.32
Oct 2512.07
Oct 2511.99
Oct 2513.32
Sep 2514.38
Sep 2513.98
Sep 2514.79
Sep 2514.42
Aug 2515.04
Aug 2515.2
Aug 2514
Aug 2514.34
Aug 2513.89
Jul 2515.16
Jul 2514
Jul 2515.37
Jul 2514.06
Jun 2513.68
Jun 2513.59
Jun 2514.1
Jun 2512.69
May 2511.6
May 2511.53
May 2512.22
May 2512.11
May 2511.15
Apr 2510.53
Apr 259.92
Apr 2510.23
Apr 2510.07
Mar 2512.59
Mar 2512.18
Mar 2511.7
Mar 2512.5
Feb 2513.21
Feb 2514.6
Feb 2515.74
Feb 2515.55
Jan 2515.95
Jan 2515.99
Jan 2516.12
Jan 2516.05
Jan 2516.34
Dec 2414.89
Dec 2414.18
Dec 2413.78
Dec 2413.6
Nov 2414.96
Nov 2415.49
Nov 2414.68
Nov 2416.22
Nov 2419.22
Oct 2419.94
Free Cash Flow Yield
5%7.5%10%12.5%15%med 9.37%Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TDW Free Cash Flow Yield by quarter
PeriodFree Cash Flow Yield
Sep 265.86%
Sep 265.58%
Sep 265.5%
Aug 265.6%
Aug 265.45%
Aug 265.5%
Aug 266.26%
Jul 267.57%
Jul 267.24%
Jul 267.5%
Jul 267.75%
Jul 268.34%
Jun 268.44%
Jun 268.79%
Jun 267.39%
Jun 267.84%
May 267.73%
May 267.17%
May 266.9%
May 267%
May 268.12%
Apr 268.05%
Apr 268.36%
Apr 268.28%
Apr 268.45%
Mar 268.65%
Mar 269.84%
Mar 269.29%
Mar 269.16%
Feb 267.44%
Feb 268.05%
Feb 268.44%
Feb 268.9%
Jan 269.45%
Jan 269.78%
Jan 2610.28%
Jan 2610.45%
Jan 2611.31%
Dec 2511.73%
Dec 2511.73%
Dec 2510.6%
Dec 2510.25%
Nov 2510.93%
Nov 2510.99%
Nov 2510.05%
Nov 2510.89%
Oct 2511.39%
Oct 2511.68%
Oct 2511.92%
Oct 2512%
Oct 2510.8%
Sep 2510%
Sep 2510.29%
Sep 259.73%
Sep 259.98%
Aug 259.57%
Aug 259.47%
Aug 2510.28%
Aug 2510.03%
Aug 2511.36%
Jul 2510.41%
Jul 2511.27%
Jul 2510.27%
Jul 2511.23%
Jun 2511.54%
Jun 2511.61%
Jun 2511.19%
Jun 2512.44%
May 2513.6%
May 2513.69%
May 2512.91%
May 2513.03%
May 2512.23%
Apr 2512.95%
Apr 2513.74%
Apr 2513.32%
Apr 2513.53%
Mar 2510.83%
Mar 2511.19%
Mar 2511.65%
Mar 2510.91%
Feb 2510.32%
Feb 257.49%
Feb 256.95%
Feb 257.03%
Jan 256.86%
Jan 256.84%
Jan 256.78%
Jan 256.81%
Jan 256.69%
Dec 247.34%
Dec 247.71%
Dec 247.93%
Dec 248.04%
Nov 247.31%
Nov 247.06%
Nov 247.45%
Nov 246.74%
Nov 245.94%
Oct 245.73%
Price to Sales
1234med 2.12Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TDW Price to Sales by quarter
PeriodPrice to Sales
Sep 263.27
Sep 263.43
Sep 263.48
Aug 263.42
Aug 263.52
Aug 263.48
Aug 263.06
Jul 262.77
Jul 262.89
Jul 262.79
Jul 262.7
Jul 262.51
Jun 262.48
Jun 262.38
Jun 262.83
Jun 262.67
May 262.71
May 262.92
May 263.03
May 262.99
May 263.22
Apr 263.24
Apr 263.12
Apr 263.15
Apr 263.09
Mar 263.02
Mar 262.66
Mar 262.81
Mar 262.85
Feb 262.89
Feb 262.67
Feb 262.54
Feb 262.41
Jan 262.27
Jan 262.2
Jan 262.09
Jan 262.05
Jan 261.9
Dec 251.83
Dec 251.83
Dec 252.03
Dec 252.1
Nov 251.96
Nov 251.95
Nov 252.14
Nov 251.93
Oct 251.85
Oct 251.8
Oct 251.76
Oct 251.75
Oct 251.95
Sep 252.1
Sep 252.04
Sep 252.16
Sep 252.11
Aug 252.2
Aug 252.22
Aug 252.05
Aug 252.1
Aug 251.8
Jul 251.97
Jul 251.82
Jul 252
Jul 251.82
Jun 251.78
Jun 251.76
Jun 251.83
Jun 251.65
May 251.51
May 251.5
May 251.59
May 251.57
May 251.5
Apr 251.41
Apr 251.33
Apr 251.37
Apr 251.35
Mar 251.69
Mar 251.64
Mar 251.57
Mar 251.68
Feb 251.77
Feb 252.03
Feb 252.19
Feb 252.16
Jan 252.22
Jan 252.23
Jan 252.24
Jan 252.23
Jan 252.27
Dec 242.07
Dec 241.97
Dec 241.92
Dec 241.89
Nov 242.08
Nov 242.16
Nov 242.04
Nov 242.26
Nov 242.45
Oct 242.55
EV/EBITDA
4681012med 6.68Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TDW EV/EBITDA by quarter
PeriodEV/EBITDA
Sep 269.57
Sep 2610.04
Sep 2610.18
Aug 2610
Aug 2610.29
Aug 2610.18
Aug 268.96
Jul 268.19
Jul 268.56
Jul 268.27
Jul 268.01
Jul 267.45
Jun 267.37
Jun 267.08
Jun 268.38
Jun 267.91
May 268.02
May 268.64
May 268.96
May 268.83
May 269.55
Apr 269.62
Apr 269.27
Apr 269.36
Apr 269.18
Mar 268.97
Mar 267.92
Mar 268.37
Mar 268.48
Feb 268.94
Feb 268.3
Feb 267.93
Feb 267.55
Jan 267.14
Jan 266.92
Jan 266.61
Jan 266.51
Jan 266.06
Dec 255.86
Dec 255.86
Dec 256.43
Dec 256.63
Nov 256.25
Nov 256.22
Nov 256.75
Nov 256.01
Oct 255.77
Oct 255.64
Oct 255.54
Oct 255.5
Oct 256.05
Sep 256.5
Sep 256.33
Sep 256.67
Sep 256.51
Aug 256.77
Aug 256.83
Aug 256.34
Aug 256.48
Aug 255.91
Jul 256.39
Jul 255.95
Jul 256.47
Jul 255.97
Jun 255.83
Jun 255.79
Jun 255.99
Jun 255.45
May 255.04
May 255.01
May 255.27
May 255.23
May 255.07
Apr 254.83
Apr 254.59
Apr 254.71
Apr 254.65
Mar 255.64
Mar 255.48
Mar 255.29
Mar 255.6
Feb 255.88
Feb 256.54
Feb 256.99
Feb 256.92
Jan 257.07
Jan 257.09
Jan 257.14
Jan 257.11
Jan 257.23
Dec 246.66
Dec 246.38
Dec 246.22
Dec 246.15
Nov 246.69
Nov 246.89
Nov 246.57
Nov 247.18
Nov 247.88
Oct 248.14
Price/Operating Cashflow
57.51012.51517.5med 9.89Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TDW Price/Operating Cashflow by quarter
PeriodPrice/Operating Cashflow
Sep 2614.08
Sep 2614.77
Sep 2614.98
Aug 2614.72
Aug 2615.14
Aug 2614.98
Aug 2613.16
Jul 2611.92
Jul 2612.47
Jul 2612.04
Jul 2611.65
Jul 2610.82
Jun 2610.69
Jun 2610.27
Jun 2612.22
Jun 2611.51
May 2611.67
May 2612.59
May 2613.08
May 2612.89
May 2611.49
Apr 2611.57
Apr 2611.15
Apr 2611.26
Apr 2611.03
Mar 2610.77
Mar 269.48
Mar 2610.04
Mar 2610.17
Feb 2612.38
Feb 2611.44
Feb 2610.9
Feb 2610.35
Jan 269.74
Jan 269.41
Jan 268.96
Jan 268.81
Jan 268.14
Dec 257.85
Dec 257.85
Dec 258.69
Dec 258.99
Nov 258.42
Nov 258.38
Nov 259.16
Nov 258.43
Oct 258.06
Oct 257.85
Oct 257.69
Oct 257.64
Oct 258.49
Sep 259.17
Sep 258.92
Sep 259.43
Sep 259.2
Aug 259.59
Aug 259.69
Aug 258.93
Aug 259.14
Aug 258.02
Jul 258.76
Jul 258.09
Jul 258.88
Jul 258.12
Jun 257.9
Jun 257.85
Jun 258.15
Jun 257.33
May 256.7
May 256.66
May 257.06
May 257
May 257.35
Apr 256.94
Apr 256.55
Apr 256.75
Apr 256.64
Mar 258.3
Mar 258.04
Mar 257.72
Mar 258.24
Feb 258.72
Feb 2511.53
Feb 2512.42
Feb 2512.28
Jan 2512.59
Jan 2512.63
Jan 2512.72
Jan 2512.67
Jan 2512.9
Dec 2411.76
Dec 2411.19
Dec 2410.88
Dec 2410.74
Nov 2411.81
Nov 2412.23
Nov 2411.59
Nov 2412.81
Nov 2414.37
Oct 2414.91
Price to Book
1.522.533.5med 2.51Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TDW Price to Book by quarter
PeriodPrice to Book
Sep 263.17
Sep 263.33
Sep 263.38
Aug 263.32
Aug 263.41
Aug 263.38
Aug 262.97
Jul 262.73
Jul 262.86
Jul 262.76
Jul 262.67
Jul 262.48
Jun 262.45
Jun 262.35
Jun 262.8
Jun 262.64
May 262.67
May 262.88
May 262.99
May 262.95
May 263.2
Apr 263.22
Apr 263.1
Apr 263.13
Apr 263.07
Mar 263
Mar 262.64
Mar 262.79
Mar 262.83
Feb 263.45
Feb 263.19
Feb 263.04
Feb 262.88
Jan 262.72
Jan 262.62
Jan 262.5
Jan 262.46
Jan 262.27
Dec 252.19
Dec 252.19
Dec 252.42
Dec 252.5
Nov 252.35
Nov 252.34
Nov 252.55
Nov 252.31
Oct 252.21
Oct 252.16
Oct 252.11
Oct 252.1
Oct 252.33
Sep 252.52
Sep 252.45
Sep 252.59
Sep 252.52
Aug 252.63
Aug 252.66
Aug 252.45
Aug 252.51
Aug 252.2
Jul 252.41
Jul 252.22
Jul 252.44
Jul 252.23
Jun 252.17
Jun 252.16
Jun 252.24
Jun 252.01
May 251.84
May 251.83
May 251.94
May 251.92
May 251.81
Apr 251.71
Apr 251.61
Apr 251.66
Apr 251.64
Mar 252.05
Mar 251.98
Mar 251.9
Mar 252.03
Feb 252.15
Feb 252.38
Feb 252.56
Feb 252.53
Jan 252.6
Jan 252.61
Jan 252.62
Jan 252.61
Jan 252.66
Dec 242.43
Dec 242.31
Dec 242.24
Dec 242.21
Nov 242.44
Nov 242.52
Nov 242.39
Nov 242.64
Nov 242.87
Oct 242.98
Tidewater Inc.
TDW
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News: TDW

Tidewater (NYSE:TDW) and Pioneer Energy Services (OTCMKTS:PESXQ) Head-To-Head Comparison

defenseworld.net · 4 Sep 2026

Tidewater (NYSE:TDW) and Pioneer Energy Services (OTCMKTS:PESXQ) Head-To-Head Comparison

Pioneer Energy Services (OTCMKTS:PESXQ - Get Free Report) and Tidewater (NYSE: TDW - Get Free Report) are both energy companies, but which is the superior business? We will compare the two businesses based on the strength of their earnings, valuation, analyst recommendations, profitability, dividends, institutional ownership and risk. Earnings and Valuation This table compares Pioneer Energy

Tidewater Announces Completion of Wilson Sons Ultratug Acquisition

businesswire.com · 31 Aug 2026

Tidewater Announces Completion of Wilson Sons Ultratug Acquisition

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (the “Company”) today announced the completion of its acquisition of Wilson, Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (collectively, “WSUT”), effective August 31, 2026. Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, “We are pleased to announce the closing of the WSUT acquisition, and we are excited to welcome our new employees to Tidewater. The WSUT fleet of 22 PSVs is an.

Tidewater Utilities Announces Second Customer Bill Credit Using PFAS Litigation Proceeds

globenewswire.com · 31 Aug 2026

Tidewater Utilities Announces Second Customer Bill Credit Using PFAS Litigation Proceeds

DOVER, Del., Aug. 31, 2026 (GLOBE NEWSWIRE) -- Tidewater Utilities, Inc. (Tidewater), a water service provider and wholly owned subsidiary of Middlesex Water Company, today announced that it will refund approximately $0.5 million to customers through a bill credit.

BlackRock Inc. Makes New $503.20 Million Investment in Tidewater Inc. $TDW

defenseworld.net · 25 Aug 2026

BlackRock Inc. Makes New $503.20 Million Investment in Tidewater Inc. $TDW

BlackRock Inc. bought a new position in Tidewater Inc. (NYSE: TDW) during the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,552,159 shares of the oil and gas company's stock, valued at approximately $503,200,000. BlackRock Inc. owned approximately 15.18% of Tidewater at

Insider Selling: Tidewater (NYSE:TDW) EVP Sells $1,621,069.80 in Stock

defenseworld.net · 17 Aug 2026

Insider Selling: Tidewater (NYSE:TDW) EVP Sells $1,621,069.80 in Stock

Tidewater Inc. (NYSE: TDW - Get Free Report) EVP Samuel Rubio sold 17,705 shares of Tidewater stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the completion of the transaction, the executive vice president directly owned 33,214 shares

Tidewater Midstream and Infrastructure Q2 Earnings Call Highlights

marketbeat.com · 14 Aug 2026

Tidewater Midstream and Infrastructure Q2 Earnings Call Highlights

Tidewater Midstream and Infrastructure TSE: TWM raised its 2026 adjusted EBITDA outlook after reporting record second-quarter consolidated adjusted EBITDA, supported by strong refining and renewable diesel market conditions, higher facility utilization and debt reduction.

Tidewater Renewables Q2 Earnings Call Highlights

marketbeat.com · 14 Aug 2026

Tidewater Renewables Q2 Earnings Call Highlights

Tidewater Renewables TSE: LCFS reported record second-quarter adjusted EBITDA of C$56 million, supported by above-nameplate renewable diesel production, stronger pricing and contributions from Canada's Biofuel Production Incentive program.

Tidewater Inc. $TDW Shares Purchased by California State Teachers Retirement System

defenseworld.net · 13 Aug 2026

Tidewater Inc. $TDW Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System raised its stake in Tidewater Inc. (NYSE: TDW) by 46.4% during the undefined quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,336 shares of the oil and gas company's stock after buying an additional 6,447 shares during the period. California

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