Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per share (EPS)

v3.10.0.1
Earnings (Loss) Per share (EPS)
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share (EPS) Note 9 - 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, stock options, unvested restricted stock, convertible debt and equity are included in the diluted EPS calculation, when applicable. See Note 8 - Stockholders’ Equity for details regarding the 1-for-15 reverse stock split.
The following table represents the computation of earnings per share for the three and nine months ended September 30, 2018 and 2017, respectively:  

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Dollars in thousands, except per share amounts
2018
 
2017
 
2018
 
2017
Basic EPS
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 


Net Income (Loss) Available to Common Stockholders
$
(71,857
)
 
$
(21,217
)
 
$
(125,343
)
 
$
(92,153
)
Denominator
 
 
 
 
 
 
 
Weighted average shares outstanding
9,334,390

 
9,220,001

 
9,292,858

 
9,030,345

Number of shares used for basic EPS computation
9,334,390

 
9,220,001

 
9,292,858

 
9,030,345

Basic earnings (loss) per common share
$
(7.70
)
 
$
(2.30
)
 
$
(13.49
)
 
$
(10.20
)
 
 
 
 
 
 
 
 
Diluted EPS
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
Net Income (Loss) Available to Common Stockholders
$
(71,857
)
 
$
(21,217
)
 
$
(125,343
)
 
$
(92,153
)
Denominator
 
 
 
 
 
 
 
Number of shares used for basic EPS computation
9,334,390

 
9,220,001

 
9,292,858

 
9,030,345

Restricted stock units (1)

 

 

 

Convertible preferred stock (2)

 

 

 

Number of shares used for diluted EPS computation
9,334,390

 
9,220,001

 
9,292,858

 
9,030,345

Diluted earnings (loss) per common share
$
(7.70
)
 
$
(2.30
)
 
$
(13.49
)
 
$
(10.20
)
(1)
For the three and nine months ended September 30, 2018 and 2017, respectively, all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the Company incurred losses during the periods, therefore, inclusion of such potential common shares would be anti-dilutive.
(2)
Weighted average common shares issuable upon the assumed conversion of our Convertible Preferred Stock totaling 1,587,300 shares (on a post-split basis) were excluded from the computation of diluted EPS as such shares would be anti-dilutive.