Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE

v3.19.3
EARNINGS (LOSS) PER SHARE
9 Months Ended
Sep. 30, 2019
EARNINGS (LOSS) PER SHARE  
EARNINGS (LOSS) PER SHARE

NOTE 7—EARNINGS (LOSS) PER SHARE

As of September 30, 2019, the Company’s 19,057,195 shares outstanding included 307,164 shares of contingently issued but unvested restricted stock. As of September 30, 2018, the Company’s 18,514,945 shares outstanding included 193,589 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 and stock options, if any.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(in thousands, except per share data)

  

2019

 

2018

 

2019

  

2018

Income (loss) from continuing operations

 

$

(363)

 

$

(2,840)

 

$

1,318

 

$

(11,102)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

18,732,402

 

 

18,315,180

 

 

18,653,301

 

 

18,164,141

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share

 

$

(0.02)

 

$

(0.16)

 

$

0.07

 

$

(0.61)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

18,732,402

 

 

18,315,180

 

 

18,653,301

 

 

18,164,141

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted effect:

 

 

 

 

 

 

 

 

 

 

 

 

Unvested portion of restricted stock units and awards

 

 

 —

 

 

 —

 

 

323,318

 

 

 —

Weighted average diluted common shares outstanding

 

 

18,732,402

 

 

18,315,180

 

 

18,976,619

 

 

18,164,141

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share

 

$

(0.02)

 

$

(0.16)

 

$

0.07

 

$

(0.61)

 

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 potentially 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 September 30,

 

Nine Months Ended September 30,

 

2019

 

2018

 

2019

  

2018

Unvested service-based restricted stock and restricted stock unit awards

196,910

 

425,036

 

211,243

 

1,515

Unvested performance- and market-based restricted stock unit awards

618,482

 

688,812

 

618,482

 

688,812

Stock options

122,000

 

122,000

 

122,000

 

122,000