XML 33 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Income (Loss) Per Share Income (Loss) Per Share
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss) attributable to common stockholders – basic and diluted:
 
 
 
 
 
 
 
Net income (loss) attributable to the Company
$
(13,217
)
 
$
(6,156
)
 
$
(198,853
)
 
$
(5,334
)
Less: Dividends on preferred stock, declared and undeclared (1)
(7,985
)
 
(2,909
)
 
(23,800
)
 
(8,492
)
Less: Amortization of preferred stock discount
(781
)
 
(363
)
 
(2,386
)
 
(1,338
)
Undistributed net income (loss) allocated to common stockholders
(21,983
)
 
(9,428
)
 
(225,039
)
 
(15,164
)
Distributed and undistributed net income (loss) - basic
$
(21,983
)
 
$
(9,428
)
 
$
(225,039
)
 
$
(15,164
)
Effect of deferred compensation plan
—

 
(1,526
)
 
—

 
(5,603
)
Effect of incremental subsidiary shares
—

 
—

 
—

 
(527
)
Distributed and undistributed net income (loss) - diluted
$
(21,983
)
 
$
(10,954
)
 
$
(225,039
)
 
$
(21,294
)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
2,306

 
2,580

 
2,259

 
2,489

Effect of deferred compensation plan shares
—

 
202

 
—

 
135

Effect of incremental subsidiary shares
—

 
—

 
—

 
55

Weighted average common shares outstanding – diluted
2,306

 
2,782

 
2,259

 
2,679

 
 
 
 
 
 
 
 
Income (loss) per share – basic:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(9.53
)
 
$
(3.65
)
 
$
(99.62
)
 
$
(6.09
)
Income (loss) per share – diluted:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(9.53
)
 
$
(3.94
)
 
$
(99.62
)
 
$
(7.95
)
________
(1) 
As of September 30, 2020, the Company had aggregate undeclared preferred stock dividends of approximately $7.9 million. Undeclared dividends were deducted to arrive at net income attributable to common stockholders. See note 11.
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss) allocated to common stockholders is not adjusted for:
 
 
 
 
 
 
 
Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings
(35
)
 
(15
)
 
(396
)
 
(25
)
Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock
(569
)
 
(319
)
 
(1,292
)
 
(71
)
Dividends on preferred stock, declared and undeclared
7,985

 
2,909

 
23,800

 
8,492

Amortization of preferred stock discount
781

 
363

 
2,386

 
1,338

Total
$
8,162

 
$
2,938

 
$
24,498

 
$
9,734

Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
14

 
12

 
27

 
10

Effect of assumed exercise of stock options
—

 
—

 
—

 
27

Effect of assumed conversion of Ashford Holdings units
4

 
4

 
4

 
4

Effect of incremental subsidiary shares
835

 
186

 
598

 
74

Effect of assumed conversion of preferred stock
4,136

 
1,450

 
4,091

 
1,450

Total
4,989

 
1,652

 
4,720

 
1,565