• Filing Date: 2020-11-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
LOSS PER SHARE
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
LOSS PER SHARE

The following table provides information relating to the calculation of loss per common share:

 

    Three Months ended September 30,     Nine Months ended September 30,  
    2020     2019     2020     2019  
    (Dollars in thousands, except per share data)     (Dollars in thousands, except per share data)  
Basic and diluted loss per share                        
    Net loss from continuing operations   $ (6,667 )   $ (3,528 )   $ (10,860 )   $ (9,036 )
    Less: preferred stock accretion     (220 )     (191 )     (638 )     (554 )
    Less: preferred stock dividends     (115 )     (114 )     (345 )     (344 )
        Net loss attributable to shareholders from continuing operations     (7,002 )     (3,833 )     (11,843 )     (9,934 )
Net loss from discontinued operations     (2 )     (100 )     (215 )     (2,392 )
Net loss attributable to shareholders   $ (7,004 )   $ (3,933 )   (12,058 )   (12,326 )
    Weighted average common shares outstanding - basic and diluted     26,907,069       19,878,518       22,781,807       19,592,679  
        Basic and diluted loss per share from continuing operations   $ (0.26 )   $ (0.19 )   $ (0.52 )   $ (0.51 )
        Basic and diluted loss per share from discontinued operations     -       (0.01 )     (0.01 )     (0.12 )
Basic and diluted loss per share   $ (0.26 )   $ (0.20 )   $ (0.53 )   $ (0.63 )
            Common stock equivalents excluded due to anti-dilutive effect     4,134,979       5,400,047       4,134,979       5,400,047  

 

As the Company had a net loss for the three and nine months ended September 30, 2020, the following 4,134,979 potentially dilutive securities were excluded from diluted loss per share: 1,004,155 for outstanding warrants, 923,844 related to the Series A Preferred Stock, 509,325 related to the Series B Preferred Stock, 1,287,921 related to outstanding options and 409,734 related to outstanding RSUs.

 

     As the Company had a net loss for the three and nine months ended September 30, 2019, the following 5,400,047 potentially dilutive securities were excluded from diluted loss per share: 2,251,232 for outstanding warrants, 959,937 related to the Series A Preferred Stock, 481,722 related to the Series B Preferred Stock and 1,707,156 related to outstanding options.

 

 Loss Per Share under Two – Class Method

 

The Series A Preferred Stock and Series B Preferred Stock have the non-forfeitable right to participate on an as converted basis at the conversion rate then in effect in any common stock dividends declared and, as such, is considered a participating security. The Series A Preferred Stock and Series B Preferred Stock are included in the computation of basic and diluted loss per share pursuant to the two-class method. Holders of the Series A Preferred Stock and Series B Preferred Stock do not participate in undistributed net losses because they are not contractually obligated to do so.