| Earnings (Loss) Per Share (EPS) |
Note 9 - Earnings (Loss) Per Common Share (“EPS”)
Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock, convertible debt and equity are included in the diluted EPS calculation, when applicable. See Note 8 - Stockholders’ Equity for details regarding the 1-for-15 reverse stock split.
The following table represents the computation of earnings per share for the three and nine months ended September 30, 2018 and 2017, respectively:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
Dollars in thousands, except per share amounts |
2018 |
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2017 |
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2018 |
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2017 |
Basic EPS |
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Numerator |
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Net Income (Loss) Available to Common Stockholders |
$ |
(71,857 |
) |
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$ |
(21,217 |
) |
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$ |
(125,343 |
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$ |
(92,153 |
) |
Denominator |
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Weighted average shares outstanding |
9,334,390 |
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9,220,001 |
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9,292,858 |
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9,030,345 |
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Number of shares used for basic EPS computation |
9,334,390 |
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9,220,001 |
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9,292,858 |
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9,030,345 |
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Basic earnings (loss) per common share |
$ |
(7.70 |
) |
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$ |
(2.30 |
) |
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$ |
(13.49 |
) |
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$ |
(10.20 |
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Diluted EPS |
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Numerator |
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Net Income (Loss) Available to Common Stockholders |
$ |
(71,857 |
) |
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$ |
(21,217 |
) |
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$ |
(125,343 |
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$ |
(92,153 |
) |
Denominator |
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Number of shares used for basic EPS computation |
9,334,390 |
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9,220,001 |
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9,292,858 |
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9,030,345 |
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Restricted stock units (1)
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— |
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— |
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— |
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— |
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Convertible preferred stock (2)
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— |
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— |
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— |
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— |
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Number of shares used for diluted EPS computation |
9,334,390 |
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9,220,001 |
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9,292,858 |
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9,030,345 |
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Diluted earnings (loss) per common share |
$ |
(7.70 |
) |
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$ |
(2.30 |
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$ |
(13.49 |
) |
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$ |
(10.20 |
) |
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(1) |
For the three and nine months ended September 30, 2018 and 2017, respectively, all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the Company incurred losses during the periods, therefore, inclusion of such potential common shares would be anti-dilutive.
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(2)
Weighted average common shares issuable upon the assumed conversion of our Convertible Preferred Stock totaling 1,587,300 shares (on a post-split basis) were excluded from the computation of diluted EPS as such shares would be anti-dilutive.
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