| 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 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:
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|
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|
|
|
|
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Successor |
|
|
Predecessor |
|
Three Months Ended September 30, |
|
|
Three Months Ended September 30, |
Dollars in thousands, except share and per share amounts |
2019 |
|
|
2018 |
Basic EPS |
|
|
|
|
Numerator |
|
|
|
|
|
Net income (loss) available to common stockholders (numerator)
|
$ |
3,989 |
|
|
|
$ |
(71,857 |
) |
Denominator |
|
|
|
|
Weighted average shares outstanding |
15,044,739 |
|
|
|
9,334,390 |
|
Number of shares used for basic EPS computation |
15,044,739 |
|
|
|
9,334,390 |
|
Basic earnings (loss) per common share |
$ |
0.27 |
|
|
|
$ |
(7.70 |
) |
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended September 30, |
|
|
Three Months Ended September 30, |
Dollars in thousands, except share and per share amounts |
2019 |
|
|
2018 |
Diluted EPS |
|
|
|
|
Numerator |
|
|
|
|
|
Net income (loss) available to common stockholders (numerator)
|
$ |
3,989 |
|
|
|
$ |
(71,857 |
) |
Denominator |
|
|
|
|
Number of shares used for basic EPS computation |
15,044,739 |
|
|
|
9,334,390 |
|
Successor unvested restricted stock units |
— |
|
|
|
— |
|
Successor unvested stock options |
— |
|
|
|
— |
|
Successor warrants |
— |
|
|
|
— |
|
Predecessor preferred stock |
— |
|
|
|
— |
|
Number of shares used for diluted EPS computation |
15,044,739 |
|
|
|
9,334,390 |
|
Diluted earnings (loss) per common share |
$ |
0.27 |
|
|
|
$ |
(7.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Six Months Ended September 30, |
|
|
Three Months Ended March 31, |
|
Nine Months Ended September 30, |
Dollars in thousands, except share and per share amounts |
2019 |
|
|
2019 |
|
2018 |
Basic EPS |
|
|
|
|
|
|
Numerator |
|
|
|
|
|
|
Net income (loss) available to common stockholders (numerator)
|
$ |
8,630 |
|
|
|
$ |
(90,248 |
) |
|
$ |
(125,343 |
) |
Denominator |
|
|
|
|
|
|
Weighted average shares outstanding |
15,044,739 |
|
|
|
9,368,322 |
|
|
9,292,858 |
|
Number of shares used for basic EPS computation |
15,044,739 |
|
|
|
9,368,322 |
|
|
9,292,858 |
|
Basic earnings (loss) per common share |
$ |
0.57 |
|
|
|
$ |
(9.63 |
) |
|
$ |
(13.49 |
) |
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Six Months Ended September 30, |
|
|
Three Months Ended March 31, |
|
Nine Months Ended September 30, |
Dollars in thousands, except share and per share amounts |
2019 |
|
|
2019 |
|
2018 |
Diluted EPS |
|
|
|
|
|
|
Numerator |
|
|
|
|
|
|
Net income (loss) available to common stockholders (numerator)
|
$ |
8,630 |
|
|
|
$ |
(90,248 |
) |
|
$ |
(125,343 |
) |
Denominator |
|
|
|
|
|
|
Number of shares used for basic EPS computation |
15,044,739 |
|
|
|
9,368,322 |
|
|
9,292,858 |
|
Successor unvested restricted stock units |
— |
|
|
|
— |
|
|
— |
|
Successor unvested stock options |
— |
|
|
|
— |
|
|
— |
|
Successor warrants |
— |
|
|
|
— |
|
|
— |
|
Predecessor preferred stock |
— |
|
|
|
— |
|
|
— |
|
Number of shares used for diluted EPS computation |
15,044,739 |
|
|
|
9,368,322 |
|
|
9,292,858 |
|
Diluted earnings (loss) per common share |
$ |
0.57 |
|
|
|
$ |
(9.63 |
) |
|
$ |
(13.49 |
) |
The following shares were excluded from the computation of diluted EPS as such shares would be anti-dilutive:
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|
|
|
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|
|
|
|
Successor |
|
|
Predecessor |
|
Three Months Ended September 30, |
|
|
Three Months Ended September 30, |
|
2019 |
|
|
2018 |
Successor unvested restricted stock units |
198,765 |
|
|
|
— |
|
Successor unvested stock options |
298,150 |
|
|
|
— |
|
Successor warrants |
2,580,182 |
|
|
|
— |
|
Predecessor preferred stock |
— |
|
|
|
1,587,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Six Months Ended September 30, |
|
|
Three Months Ended March 31, |
|
Nine Months Ended September 30, |
|
2019 |
|
|
2019 |
|
2018 |
Successor unvested restricted stock units |
198,765 |
|
|
|
— |
|
|
— |
|
Successor unvested stock options |
298,150 |
|
|
|
— |
|
|
— |
|
Successor warrants |
2,580,182 |
|
|
|
— |
|
|
— |
|
Predecessor preferred stock |
— |
|
|
|
1,587,300 |
|
|
1,587,300 |
|
|