Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Fair value assumptions using Black-Scholes-Merton option pricing model

The table below sets forth the assumptions used within the Black-Scholes-Merton option pricing model to value the Company’s warrant liabilities as of December 31, 2019:



Stock price	$	3.78
Exercise price	$	7.63
Time until expiration (years)	4.3
Expected volatility	70		%
Risk-free interest rate	1.7		%
Expected dividend yield	—		%

Schedule of antidilutive securities excluded from computation of earnings per share

The following table summarizes the securities that were antidilutive (including warrants, UPOs, RSUs and preferred stock after giving effect to their respective conversion to shares of common stock for those units in-the-money, or share equivalents for those units out-of-the-money) and therefore, were not included in the computations of diluted loss per common share.



	For the Years Ended
	December 31, 2019	December 31, 2018
In-the-money warrants	—	—
Out-of-the-money warrants	4,576,799	4,576,799
Preferred stock	—	16,877
Service-based RSUs	80,718	48,307
Performance and market-based RSUs ⁽¹⁾	375	—
In-the-money UPOs	—	1,308
Out-of-the-money UPOs	15,067	8,550
Total	4,672,959	4,651,841

(1) For the years ended December 31, 2019 and 2018, certain PRSUs and MRSUs were not included in the computation of diluted loss per share because the performance and market conditions were not satisfied during 2019 and 2018 and would not be satisfied if the reporting date was at the end of the contingency period.

Schedule of earnings per share, basic and diluted



	For the Years Ended
(in thousands, except per share amounts)	December 31, 2019			December 31, 2018
EPS numerator:
Net loss	$	(1,775	)	$	(1,845	)
Less: Undistributed preferred stock dividends	—			113
Less: Premium paid on partial preferred redemption	—			(2,219		)
Net loss attributable to Limbach Holdings, Inc. common stockholders	$	(1,775	)	$	(3,951	)

EPS denominator:
Weighted average shares outstanding – basic	7,662			7,563
Weighted average shares outstanding – diluted	7,662			7,563

Net loss per share attributable to Limbach Holdings, Inc. common stockholders:
Basic	$	(0.23	)	$	(0.52	)
Diluted	$	(0.23	)	$	(0.52	)