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Earnings Per Share
6 Months Ended
Jun. 30, 2019
Earnings Per Share  
Earnings Per Share

(4)Earnings Per Share

On May 22, 2018, EVO, LLC’s limited liability company agreement (the “EVO LLC Agreement”) was amended and restated effective as of May 25, 2018, to, among other things, reclassify all of the then existing membership interests of EVO, LLC into a new single class of common membership interests. Additionally, the Company entered into a series of transactions that resulted in the issuance of Class A common stock, Class B common stock, Class C common stock and Class D common stock to the holders of LLC Interests and commenced the IPO, resulting in the public issuance of additional shares of the Company’s Class A common stock. Earnings per share information prior to May 23, 2018 is not presented since the ownership structure of EVO, LLC is not a common unit of ownership of the Company.

 

The following table sets forth the computation of the Company's basic and diluted net income (loss) per Class A common share (in thousands, except share and per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended June 30,

 

Six Months Ended June 30,

    

May 23 - June 30

    

 

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to EVO Payments, Inc.

 

$

463

 

$

(4,827)

 

$

16,713

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

Weighted average Class A common stock outstanding

 

 

31,898,531

 

 

29,147,326

 

 

17,293,355

 

Effect of dilutive securities

 

 

 —

 

 

 —

 

 

139,367

 

Total dilutive securities

 

 

31,898,531

 

 

29,147,326

 

 

17,432,722

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

$

(0.17)

 

$

0.97

 

Diluted

 

$

0.01

 

$

(0.17)

 

$

0.96

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive securities:

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

3,346,839

 

 

2,847,279

 

 

163,144

 

RSUs

 

 

923,813

 

 

763,323

 

 

 -

 

RSAs

 

 

17,748

 

 

26,267

 

 

 -

 

Convertible Class C common stock

 

 

2,414,771

 

 

2,435,830

 

 

2,560,955

 

Convertible Class D common stock

 

 

12,127,451

 

 

14,258,286

 

 

24,305,155

 

 

Earnings per share information is not separately presented for Class B common stock, Class C common stock and Class D common stock since they have no economic rights to the income or loss of the Company. Class B common stock is not considered when calculating dilutive EPS as this class of common stock may not be exchanged for Class A common stock. Class C common stock and Class D common stock are considered in the calculation of dilutive EPS on an if-converted basis as these classes, together with the related LLC Interests, have exchange rights into Class A common stock that could result in additional Class A common stock being issued. All other potentially dilutive securities are determined based on the treasury stock method. Refer to Note 18, “Shareholders’ Equity,” for further information on the rights of each class of stock.