Earnings per Share

9 Months Ended

Sep. 30, 2017

Disclosure Text Block

Earnings per Share

13.      Earnings per Share

Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to controlling interests by the weighted average number of shares of Class A common stock outstanding during the period. Shares of Class B common stock are not included in the calculation of earnings per share because they are not participating securities and have no economic interest in the Company. Diluted earnings per share takes into account the potential dilutive effect of shares that could be issued by the Company in conjunction with the Series A preferred stock and from stock awards that have been granted to directors and employees. Awards of non-vested shares are considered outstanding as of the respective grant dates for purposes of computing diluted EPS even though the award is contingent upon vesting. For the three and nine months ended September 30, 2017, 3,073,871 restricted stock units, 1,473,995 performance share units, and 31,405,587 shares from the convertible Class A preferred stock, were excluded from the calculation as they would have had an anti-dilutive effect.

The following is a calculation of the basic and diluted weighted-average number of shares of Class A common stock outstanding and EPS for the three and nine months ended September 30, 2017:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2017		2016		2017		2016
Income (numerator):
Net income (loss) attributable to controlling interests	$	(64,806)	$	(9,853)	$	(148,409)	$	(14,187)
Less: Dividends and accretion on preferred stock		(1,966)		(765)		(5,959)		(765)
Net income (loss) attributable to common shareholder	$	(66,772)	$	(10,618)	$	(154,368)	$	(14,952)
Weighted-average shares (denominator): (1)
Weighted-average number of shares of Class A common stock - basic		73,089		44,993		67,029		37,299
Weighted-average number of shares of Class A common stock - diluted		73,089		44,993		67,029		37,299
Earnings (loss) per share: (1)
Basic - Net income (loss) attributable to common shareholders	$	(0.91)	$	(0.24)	$	(2.30)	$	(0.40)
Diluted - Net income (loss) attributable to common shareholders	$	(0.91)	$	(0.24)	$	(2.30)	$	(0.40)

(1) All share and earnings per share information presented has been recast to retrospectively adjust for the effects of the 0.087423 per share Special Stock Dividend, as defined in Note 12, “Stockholders’ and Mezzanine equity”, distributed on March 31, 2017.