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Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

Note 11. Earnings Per Share

Our restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share.

We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

The earnings per share impact of the Series A Shares (See Note 9) is calculated using the net share settlement method, whereby the redemption value of the instrument is assumed to be settled in cash and only the conversion premium, if any, is assumed to be settled in shares. The Series A Shares provide CS&L the option to cash or share settle the instrument, and it is our policy to settle the instrument in cash upon conversion.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended

 

 

Period from April 24 -

 

(Thousands, except per share data)

 

2016

 

 

2015

 

 

September 30, 2016

 

 

September 30, 2015

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(2,343

)

 

$

9,403

 

 

$

4,158

 

 

$

17,704

 

Less: Income allocated to participating securities

 

 

(407

)

 

 

(430

)

 

 

(1,164

)

 

 

(755

)

Dividends declared on convertible preferred stock

 

 

(649

)

 

 

-

 

 

 

(1,087

)

 

 

-

 

Amortization of discount on convertible preferred stock

 

 

(745

)

 

 

-

 

 

 

(1,241

)

 

 

-

 

Net (loss) income applicable to common shares

 

$

(4,144

)

 

$

8,973

 

 

$

666

 

 

$

16,949

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

153,878

 

 

 

149,834

 

 

 

151,578

 

 

 

149,831

 

Basic (loss) earnings per common share

 

$

(0.03

)

 

$

0.06

 

 

$

0.00

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended

 

 

Period from April 24 -

 

(Thousands, except per share data)

 

2016

 

 

2015

 

 

September 30, 2016

 

 

September 30, 2015

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(2,343

)

 

$

9,403

 

 

$

4,158

 

 

$

17,704

 

Less: Income allocated to participating securities

 

 

(407

)

 

 

(430

)

 

 

(1,164

)

 

 

(755

)

Dividends declared on convertible preferred stock

 

 

(649

)

 

 

-

 

 

 

(1,087

)

 

 

-

 

Amortization of discount on convertible preferred stock

 

 

(745

)

 

 

-

 

 

 

(1,241

)

 

 

-

 

Net (loss) income applicable to common shares

 

$

(4,144

)

 

$

8,973

 

 

$

666

 

 

$

16,949

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

153,878

 

 

 

149,834

 

 

 

151,578

 

 

 

149,831

 

Effect of dilutive non-participating securities

 

 

-

 

 

 

-

 

 

 

138

 

 

 

-

 

Weighted-average shares for dilutive earnings per common share

 

 

153,878

 

 

 

149,834

 

 

 

151,716

 

 

 

149,831

 

Dilutive (loss) earnings per common share

 

$

(0.03

)

 

$

0.06

 

 

$

0.00

 

 

$

0.11

 

 

For the three months ended September 30, 2016, 149,087 non-participating securities were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive.