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Loss Per Share (Tables)
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2016 and 2015:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(In millions, except share and per share amounts)

2016

 

 

2015

 

 

2016

 

 

2015

 

Loss from continuing operations

$

(1.3

)

 

$

(13.7

)

 

$

(11.3

)

 

$

(31.5

)

Earnings from discontinued operations,

   net of income taxes

 

0.1

 

 

 

2.9

 

 

 

0.1

 

 

 

27.2

 

Net loss

 

(1.2

)

 

 

(10.8

)

 

 

(11.2

)

 

 

(4.3

)

Earnings from continuing operations

   attributable to noncontrolling interest

 

0.3

 

 

 

0.1

 

 

 

0.4

 

 

 

0.2

 

Net loss attributable to Real Industry, Inc.

 

(1.5

)

 

 

(10.9

)

 

 

(11.6

)

 

 

(4.5

)

Dividends on Redeemable Preferred

   Stock, in-kind

 

(0.5

)

 

 

(0.5

)

 

 

(0.9

)

 

 

(0.6

)

Accretion of fair value adjustment to

   Redeemable Preferred Stock

 

(0.2

)

 

 

(0.2

)

 

 

(0.5

)

 

 

(0.3

)

Numerator for basic and diluted earnings

   (loss) per share—Net loss available to

   common stockholders

$

(2.2

)

 

$

(11.6

)

 

$

(13.0

)

 

$

(5.4

)

Denominator for basic and diluted earnings

   (loss) per share—Weighted average

   shares outstanding

 

29,252,343

 

 

 

27,631,795

 

 

 

29,160,245

 

 

 

24,689,253

 

Basic and diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.08

)

 

$

(0.53

)

 

$

(0.43

)

 

$

(1.32

)

Discontinued operations

 

0.01

 

 

 

0.11

 

 

 

—

 

 

 

1.10

 

Basic and diluted loss per share

$

(0.07

)

 

$

(0.42

)

 

$

(0.43

)

 

$

(0.22

)

 
Average Market Price of Common Stock and the Incremental Shares that were Dilutive or Potentially Dilutive

The following tables provide details on the average market price of Real Industry common stock; the outstanding shares of unvested restricted common stock, common stock options, unvested performance shares and Warrants that were potentially dilutive; and summary information about the potentially dilutive common stock equivalents for each of the periods presented:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Average market price of

   Real Industry common stock

$

8.12

 

 

$

9.63

 

 

$

7.51

 

 

$

8.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Potentially dilutive common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested restricted common stock

 

491,286

 

 

 

264,630

 

 

 

491,286

 

 

 

264,630

 

Common stock options

 

775,650

 

 

 

815,650

 

 

 

775,650

 

 

 

815,650

 

Unvested performance shares

 

381,823

 

 

 

260,000

 

 

 

381,823

 

 

 

260,000

 

Warrants

 

1,448,333

 

 

 

1,485,000

 

 

 

1,448,333

 

 

 

1,485,000

 

Total potentially dilutive

   common stock equivalents

 

3,097,092

 

 

 

2,825,280

 

 

 

3,097,092

 

 

 

2,825,280

 

 
Schedule of Potentially Dilutive Common Stock Awards

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(In millions, except exercise prices)

2016

 

 

2015

 

 

2016

 

 

2015

 

Average unamortized share-based

   compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested restricted common stock awards

$

3.0

 

 

$

1.6

 

 

$

2.6

 

 

$

1.3

 

Unvested performance share awards

$

2.1

 

 

$

0.6

 

 

$

2.0

 

 

$

0.3

 

Range of exercise prices on common stock options

$3.00 - $10.00

 

 

$3.00 - $10.00

 

 

$3.00 - $10.00

 

 

$3.00 - $10.00

 

Weighted average exercise price of the Warrants

$

5.64

 

 

$

5.64

 

 

$

5.64

 

 

$

5.81