Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Common Share (EPS)

v3.19.3
Earnings (Loss) Per Common Share (EPS)
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
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:
 
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:
 
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