Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.10.0.1
EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2018
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 6—EARNINGS (LOSS) PER SHARE

As of June 30, 2018, the Company’s 18,486,758 shares outstanding included 193,589 shares of contingently issued but unvested restricted stock. As of June 30, 2017, the Company’s 17,587,751 shares outstanding included 19,362 shares of contingently issued but unvested restricted stock. Restricted stock is excluded from the calculation of basic weighted average shares outstanding, but its impact, if dilutive, is included in the calculation of diluted weighted average shares outstanding.

Basic earnings (loss) per common share are calculated by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted earnings (loss) per common share are based on the weighted average common shares outstanding during the period, adjusted for the potential dilutive effect of common shares that would be issued upon the vesting and release of restricted stock awards and units.

Basic and diluted loss per common share from continuing operations were calculated as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands, except per share data)

  

2018

 

2017

  

2018

 

2017

Loss from continuing operations

 

$

(6,024)

 

$

(5,429)

 

$

(8,262)

 

$

(17,054)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

18,233,226

 

 

17,551,664

 

 

18,087,368

 

 

17,511,232

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

 

$

(0.33)

 

$

(0.31)

 

$

(0.46)

 

$

(0.97)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

18,233,226

 

 

17,551,664

 

 

18,087,368

 

 

17,511,232

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted effect:

 

 

 

 

 

 

 

 

 

 

 

 

Unvested portion of restricted stock units and awards

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Weighted average diluted common shares outstanding

 

 

18,233,226

 

 

17,551,664

 

 

18,087,368

 

 

17,511,232

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted loss per common share

 

$

(0.33)

 

$

(0.31)

 

$

(0.46)

 

$

(0.97)

 

The weighted average number of shares outstanding used in the computation of basic and diluted loss per common share does not include the effect of the following potential outstanding common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted loss per common share because the effect would have been anti-dilutive.

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2018

 

2017

 

2018

 

2017

Unvested service-based restricted stock units and awards

 

1,515

 

45,464

 

1,515

 

32,413

Unvested performance- and market-based restricted stock units

 

279,304

 

861,758

 

279,304

 

861,758

Stock options

 

122,000

 

122,000

 

122,000

 

122,000