Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Equity

Note 5. Equity

Common Stock Offering

In June 2016, the Company completed a public offering of 4,753,770 shares of common stock (including 253,770 shares purchased pursuant to the underwriters’ overallotment option), at an issue price of $10.50 per share.  The Company received net proceeds from this offering of $47.1 million, after deducting underwriters’ fees and offering expenses of $2.7 million.  The Company used a portion of the net proceeds from the offering to repay outstanding indebtedness under its revolving credit facility with the remainder held in cash for general corporate purposes.

Earnings (Loss) Per Share

The following table presents the reconciliation of the numerator and denominator for calculating earnings per share (in thousands, except share and per share amounts):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2016			2015		2016			2015
Basic EPS:
Net (loss) income	$	(3,900	)	$	1,718	$	(21,493	)	$	(144	)
Weighted average common shares outstanding		22,289,177			13,835,128		17,433,079			13,835,128
Basic (loss) income per common share	$	(0.17	)	$	0.12	$	(1.23	)	$	(0.01	)
Diluted EPS:
Net (loss) income	$	(3,900	)	$	1,718	$	(21,493	)	$	(144	)
Weighted average common shares outstanding		22,289,177			13,835,128		17,433,079			13,835,128
Add:  Dilutive effect of restricted stock units		—			—		—			—
Diluted weighted average common shares outstanding		22,289,177			13,835,128		17,433,079			13,835,128
Diluted (loss) income per common share	$	(0.17	)	$	0.12	$	(1.23	)	$	(0.01	)

For the three and nine months ended September 30, 2016, the Company excluded zero and 14,212 shares, respectively for the dilutive effect of restricted stock units in calculating diluted earnings per share as the effect was anti-dilutive due to the net loss incurred for these periods.  For the three and nine months ended September 30, 2015,  there were no restricted stock units issued or outstanding under the Company’s long-term incentive plan.