Loss Per Share and Per Unit

9 Months Ended

Sep. 30, 2020

13. Loss Per Share and Per Unit

Loss per Share. The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partner and following our election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of loss would also be added back to net loss. The shares of the Series B Preferred Stock and Series C Preferred Stock and Series D Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company, except upon the occurrence of a change of control, and have been excluded from the diluted earnings per share calculation as there would be no impact on the current controlling stockholders. The non-committed, unearned ESOP shares are treated as reducing the number of issued and outstanding common shares and similarly reducing the weighted average number of common shares outstanding. The allocated and committed to be released shares have been included in the weighted average diluted earnings per share calculation since there would be an antidilutive effect from the dilution by these shares, although the amount of compensation for allocated shares is reflected in net loss attributable to common stockholder for basic computation. There are no ESOP units, therefore there is no dilution on the calculation of earnings per unit. The computation of basic and diluted net loss per share is presented below.

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator
Net loss attributable to common stockholders for basic computation	$	(12,259,908	)	$	(106,827	)	$	(43,708,223	)	$	(2,492,298	)
Denominator
Weighted average number of common shares outstanding		14,881,267			14,222,378			14,852,455			14,220,416
Weighted average number of Unearned ESOP Shares		(549,620	)		(585,672	)		(558,656	)		(595,656	)
Total weighted average number of common shares outstanding for basic computation		14,331,647			13,636,706			14,293,799			13,624,760
Basic net loss per share	$	(0.86	)	$	(0.01	)	$	(3.06	)	$	(0.18	)

Income Per Unit – The computation of basic and diluted net loss per unit is presented below.

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator
Net loss attributable to general and limited partnership unitholders for basic computation	$	(13,228,181	)	$	(120,164	)	$	(47,239,279	)	$	(2,803,940	)
Denominator
Weighted average number of general and limited partnership units outstanding		16,062,768			16,000,518			16,059,431			15,998,556
Basic net loss per general and limited partnership unit	$	(0.82	)	$	(0.01	)	$	(2.94	)	$	(0.18	)