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Earnings Per Share
9 Months Ended
Sep. 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 loss per Class A common share (in thousands, except share and per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended September 30,

 

Nine Months Ended September 30,

    

Three Months Ended September 30,

 

May 23 -  September 30

 

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to EVO Payments, Inc.

 

$

(1,844)

 

$

(6,671)

 

$

(27,389)

 

$

(10,675)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A common stock outstanding

 

 

34,634,567

 

 

30,996,506

 

 

18,163,344

 

 

17,901,484

Effect of dilutive securities

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Total dilutive securities

 

 

34,634,567

 

 

30,996,506

 

 

18,163,344

 

 

17,901,484

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.05)

 

$

(0.22)

 

$

(1.51)

 

$

(0.60)

Diluted

 

$

(0.05)

 

$

(0.22)

 

$

(1.51)

 

$

(0.60)

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

3,307,082

 

 

3,002,231

 

 

2,097,054

 

 

2,097,054

RSUs

 

 

844,616

 

 

790,719

 

 

499,510

 

 

499,510

RSAs

 

 

14,672

 

 

22,359

 

 

58,809

 

 

58,809

Convertible Class C common stock

 

 

2,327,511

 

 

2,399,326

 

 

2,560,955

 

 

2,560,955

Convertible Class D common stock

 

 

10,019,169

 

 

12,829,719

 

 

17,282,930

 

 

17,282,930

 

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.