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BRISTOW GROUP INC filed this Form DEF 14A on 06/21/2018
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term performance cash awards. The other half of our long-term performance cash awards are based on absolute improvement in adjusted earnings per share. In order to demonstrate the alignment of CEO pay relative to our performance against the Simmons Group, we compared (a) CEO realizable pay as a percent of target total direct compensation for the three-year period from April 1, 2015 to March 31, 2018 to (b) our TSR performance relative to the Simmons Group over the same period. Realizable pay includes base salary, actual annual incentive awards earned, actual long-term cash awards earned for performance during the period, and the intrinsic value of restricted stock units and stock options granted during the period, valued as of March 31, 2018. The following chart highlights that our focus on pay for performance and emphasis on long term incentives aligns the interests of management with those of our stockholders, even in a downturn:
Realizable value as of March 31, 2018 was equal to the sum of (i) the face value of all restricted shares granted over the period as of March 31, 2018, (ii) plus the in-the-money value of all stock options granted over the period as of March 31, 2018 (which was equal to $0), (iii) plus the value of performance cash earned for the performance period ended on March 31, 2018 reflecting 50th percentile TSR performance as compared to the companies in the Simmons Group, plus (iv) the target cash award value for the fiscal year 2016, fiscal year 2017 and fiscal year 2018 performance cash awards, for which the performance periods have not yet been completed.
The Relationship Between Our Strategy and Executive Compensation Program for Fiscal Year 2018
As we progressed towards our vision to be the leader in industrial aviation services, we recognized a need for change. Today’s industry is significantly different than it was just five years ago. We must further strengthen our position as the leading industrial aviation services provider to the offshore energy industry and public and private Search and Rescue (SAR). To do this, there is a need to diversify our portfolio by leveraging our legacy and strengths in our current markets to enable us to pursue new business opportunities, generate cost efficiencies and drive innovation throughout the business. We will continue to innovate across our processes, products and services that we offer to our clients while continuing to be committed to “Target Zero” safety performance. This is how we are building the New Bristow.
We live our core values of safety, teamwork, integrity, quality and excellence, fulfillment and profitability. Our top core value of safety is reflected in our “Target Zero” culture, which is our shared commitment to zero accidents, zero harm to people and zero harm to the environment.
We implemented a STRIVE strategy for fiscal year 2018 to thrive in the offshore oilfield services sector downturn and achieve a global leadership position. The components of our STRIVE strategy are as follows: Sustain Target Zero Safety Culture; Train

BRISTOW GROUP INC.2018 Proxy Statement – 26