| Earnings (Loss) Per Common Share (EPS) |
Note 10 - 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.
The following table represents the computation of earnings per share for the three months ended March 31, 2019 and 2018, respectively:
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Predecessor |
|
Three Months Ended March 31, |
Dollars in thousands, except share and per share amounts |
2019 |
|
2018 |
Basic EPS |
|
|
|
Numerator |
|
|
|
|
Net income (loss) available to common stockholders (numerator)
|
$ |
(90,248 |
) |
|
$ |
(29,702 |
) |
Denominator |
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|
|
Weighted average shares outstanding |
9,368,322 |
|
|
9,251,066 |
|
Number of shares used for basic EPS computation |
9,368,322 |
|
|
9,251,066 |
|
Basic earnings (loss) per common share |
$ |
(9.63 |
) |
|
$ |
(3.21 |
) |
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Predecessor |
|
Three Months Ended March 31, |
Dollars in thousands, except share and per share amounts |
2019 |
|
2018 |
Diluted EPS |
|
|
|
Numerator |
|
|
|
|
Net income (loss) available to common stockholders (numerator)
|
$ |
(90,248 |
) |
|
$ |
(29,702 |
) |
Denominator |
|
|
|
Number of shares used for basic EPS computation |
9,368,322 |
|
|
9,251,066 |
|
Restricted stock units (1)
|
— |
|
|
— |
|
Predecessor preferred stock |
— |
|
|
— |
|
Number of shares used for diluted EPS computation |
9,368,322 |
|
|
9,251,066 |
|
Diluted earnings (loss) per common share |
$ |
(9.63 |
) |
|
$ |
(3.21 |
) |
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|
(1) |
For the three months ended March 31, 2019 and 2018, 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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The following shares were excluded from the computation of diluted EPS as such shares would be anti-dilutive:
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Predecessor |
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Predecessor common stock from conversion of predecessor preferred stock |
1,587,300 |
|
|
1,587,300 |
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|