• Filing Date: 2018-05-10
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
Earnings Per Share
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

As of March 31, 2018 and 2017, there were 158,600,399 and 29,021,844 shares of common stock issued, respectively, and 157,992,399 and 28,413,844 shares of common stock outstanding, respectively. Outstanding shares as of March 31, 2018 and 2017 have been adjusted to reflect 608,000 treasury shares.

Basic net income per share is computed by dividing the net earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding, increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Conversion or exercise of the potential common shares is not reflected in diluted earnings per share unless the effect is dilutive. The dilutive effect, if any, of outstanding common share equivalents is reflected in diluted earnings per share by application of the treasury stock method, and if-converted method as applicable.

The following table reconciles actual basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 (in thousands except per share data).
 
For the Three Months Ended
March 31,
 
 
2018(1)
 
2017(2)
 
Income (loss) per share:
 
 
 
 
Numerator:
 
 
 
 
Net income (loss) from continuing operations
$
(3,994
)
 
$
1,884

 
Net income (loss) from discontinued operations
(1
)
 
(189
)
 
Net income (loss)
$
(3,995
)
 
$
1,695

 
Basic and diluted (loss) income per common share:


 
 
 
 
Basic and diluted (loss) income per share from continuing operations

$
(0.03
)
 
$
0.07

 
Basic and diluted (loss) income per share from discontinued operations

$

 
$
(0.01
)
 
Basic and diluted (loss) income per share available to common shareholders

$
(0.03
)
 
$
0.06

 
Denominator:
 
 
 
 
Basic and Diluted
155,789,599

 
28,148,632

 
Add: Restricted stock

 

 
Diluted
155,789,599

 
28,148,632

 

(1)
The computation of diluted EPS does not include 2,182,522 shares of restricted stock, 239,000 shares of common stock underlying options, 44,500,000 shares of common stock underlying warrants, and up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of underlying common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive.
(2)
The computation of diluted EPS did not include 265,212 shares of restricted stock, 605,227 shares of common stock underlying options, 6,240,521 shares of common stock underlying warrants, and up to 11,266,011 shares of common stock issuable upon conversion of the 8.5% Convertible Notes, as the effect of their inclusion would have been anti-dilutive.