Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of earnings per share, basic and diluted

The reconciliation of the numerator and denominator of the basic and diluted loss per share calculation and the anti-dilutive shares is as follows:


	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017
(share amounts in thousands)
Basic and diluted net (loss) income per share
Net loss per share from continuing operations	$	(1.64)	$	(0.68)	$	(0.74)
Net (loss) income per share from discontinued operations	(1.34)		0.06		0.42
Basic and diluted net loss per share	$	(2.98)	$	(0.62)	$	(0.32)

Numerator:
Net loss from continuing operations	$	(43,431)	$	(14,653)	$	(15,402)
Less: net gain attributable to noncontrolling interests	—		—		5
Less: Accretion of dividends on preferred stock and redemption premium	3,347		4,070		3,783
Total net loss from continuing operations less accretion of dividends on preferred stock and redemption premium	(46,778)		(18,723)		(19,190)
Net (loss) income from discontinued operations, net of tax	(38,177)		1,493		10,929
Net loss allocable to common shareholders of Jason Industries	$	(84,955)	$	(17,230)	$	(8,261)

Denominator:
Basic and diluted weighted-average shares outstanding	28,484		27,595		26,082

Weighted average number of anti-dilutive shares excluded from denominator:
Warrants to purchase Jason Industries common stock ⁽¹⁾	6,901		13,994		13,994
Conversion of Series A 8% Perpetual Convertible Preferred ⁽²⁾	3,442		3,235		3,858
Conversion of JPHI rollover shares convertible to Jason Industries common stock ⁽³⁾	—		—		59
Restricted stock units	2,702		2,331		796
Performance share units	1,402		1,307		1,379
Total	14,447		20,867		20,086

(1) Public warrants (“warrants”) consisted of warrants to purchase shares of Jason Industries common stock which were previously quoted on Nasdaq under the symbol “JASNW” until their expiration on June 30, 2019. Each outstanding warrant entitled the holder to purchase one share of the Company’s common stock at a price of $12.00 per share.

(2)Includes the impact of 860 additional Series A Preferred Stock shares from a stock dividend declared on November 3, 2019 to be paid in additional shares of Series A Preferred Stock on January 1, 2020. The Company included the preferred stock within the consolidated balance sheets as of the declaration date. Conversion is presented at the voluntary conversion ratio of approximately 81.18 common shares for each one preferred share.

(3) Includes the impact of the exchange by certain rollover participants of their JPHI stock for Company common stock in the first quarter of 2017. Such rollover shares were contributed by former owners and management of Jason Partners Holdings Inc. prior to the Company’s acquisition of JPHI.