Earnings (Loss) Per Share

The following table is a calculation of the pro forma net loss per basic and diluted share for the

three

months ended

March

31,

2017

and

2016.

	For the Three Months ended March 31, 2017
	Loss			Shares		Per Share
Net Loss	$	(3,093,143	)
Add:
Interest expense on note payable to Ramaco Carbon, LLC(1)		21,855
Basic net loss attributable to common shareholders (2)		(3,071,288	)		32,068,708	$	(0.10	)
Effect of dilutive securities(3)		—			—		—
Diluted net loss attributable to common shareholders		(3,071,288	)		32,068,708	$	(0.10	)

	For the Three Months ended March 31, 2016
	Loss			Shares		Per Share
Net Loss	$	(3,834,565	)
Add:
Interest expense on note payable to Ramaco Carbon, LLC		-
Basic net loss attributable to common shareholders (2)		(3,834,565	)		22,498,150	$	(0.17	)
Effect of dilutive securities		—			—		—
Diluted net loss attributable to common shareholders		(3,834,565	)		22,498,150	$	(0.17	)

(1)

Adjustment has been made to the pro forma loss to addback interest expense associated with the note payable to Ramaco Carbon, LLC which was repaid in full using proceeds from the IPO.

(2)

Weighted average number of shares outstanding during the quarter

(3)

Excludes

937,424

shares issuable upon the exercise of outstanding options held by certain of our executive management because their effect would be anti-dilutive

Pro forma share and per share information presented have been adjusted to reflect the shares issued as a result of the Reorganization and IPO.