Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share (EPS)

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Earnings (Loss) Per Share (EPS)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share (EPS)
Note 14 - Earnings (Loss) Per 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 such as Successor unvested restricted stock units, Successor unvested stock options, Successor warrants and Predecessor preferred stock are included in the diluted EPS calculation, when applicable. The number of outstanding dilutive securities can change with turnover of employees holding these securities.
The Successor unvested restricted stock units represent shares of Successor Common Stock that were issued upon emergence from bankruptcy under the 2019 Long Term Incentive Plan to certain employees. The Successor unvested stock options were issued upon emergence from bankruptcy under the 2019 Long Term Incentive Plan to certain employees and are convertible into one share each of Successor Common Stock at an exercise price of $23. The Successor warrants were issued upon emergence from bankruptcy and are initially convertible into one share each of Successor Common Stock at an initial exercise price of $48.85. See Note 2 - Chapter 11 Emergence for more details. The 500,000 units of Predecessor preferred stock were convertible into 47.6190 shares of Predecessor common stock for each Predecessor preferred stock for a total of 1,587,300 shares of Predecessor common stock.



The following table represents the computation of earnings per share:
 
 
Successor
 
 
Predecessor
 
 
Nine Months Ended December 31,
 
 
Three Months Ended March 31,
 
Year Ended December 31,
Dollars in thousands, except per share amounts
 
2019
 
 
2019
 
2018
Basic EPS
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
Net income (loss) available to common stockholders (numerator)
 
$
6,509

 
 
$
(90,248
)
 
$
(168,416
)
Denominator
 
 
 
 
 
 
 
Weighted average shares outstanding
 
15,044,919

 
 
9,368,322

 
9,311,722

Number of shares used for basic EPS computation
 
15,044,919

 
 
9,368,322

 
9,311,722

Basic earnings (loss) per common share
 
$
0.43

 
 
$
(9.63
)
 
$
(18.09
)
 
 
 
 
 
 
 
 
 
 
Successor
 
 
Predecessor
 
 
Nine Months Ended December 31,
 
 
Three Months Ended March 31,
 
Year Ended December 31,
Dollars in thousands, except per share amounts
 
2019
 
 
2019
 
2018
Diluted EPS
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
Net income (loss) available to common stockholders (numerator)
 
$
6,509

 
 
$
(90,248
)
 
$
(168,416
)
Denominator
 
 
 
 
 
 
 
Number of shares used for basic EPS computation
 
15,044,919

 
 
9,368,322

 
9,311,722

Successor unvested restricted stock units
 
15,446

 
 
—

 
—

Successor unvested stock options
 
—

 
 
—

 
—

Successor warrants
 
—

 
 
—

 
—

Predecessor preferred stock
 
—

 
 
—

 
—

Number of shares used for diluted EPS computation
 
15,060,365

 
 
9,368,322

 
9,311,722

Diluted earnings (loss) per common share
 
$
0.43

 
 
$
(9.63
)
 
$
(18.09
)

The following shares were excluded from the computation of diluted EPS as such shares would be anti-dilutive:
 
Successor
 
 
Predecessor
 
Nine Months Ended December 31,
 
 
Three Months Ended March 31,
 
Year Ended December 31,
 
2019
 
 
2019
 
2018
Successor unvested restricted stock units
283,494

 
 
—

 
—

Successor outstanding stock options
298,150

 
 
—

 
—

Successor warrants
2,580,182

 
 
—

 
—

Predecessor preferred stock
—

 
 
1,587,300

 
1,587,300