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Earnings (Loss) Per Share (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2016 and 2015:

(In millions, except share

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

and per share amounts)

2016

 

 

2015

 

 

2016

 

 

2015

 

Earnings (loss) from continuing operations

$

(10.8

)

 

$

2.0

 

 

$

(22.1

)

 

$

(29.5

)

Earnings (loss) from discontinued operations,

   net of income taxes

 

—

 

 

 

(0.7

)

 

 

0.1

 

 

 

26.5

 

Net earnings (loss)

 

(10.8

)

 

 

1.3

 

 

 

(22.0

)

 

 

(3.0

)

Earnings from continuing operations

   attributable to noncontrolling interest

 

0.1

 

 

 

0.1

 

 

 

0.5

 

 

 

0.3

 

Net earnings (loss) attributable to

   Real Industry, Inc.

 

(10.9

)

 

 

1.2

 

 

 

(22.5

)

 

 

(3.3

)

Dividends on Redeemable Preferred

   Stock, in-kind

 

(0.5

)

 

 

(0.5

)

 

 

(1.4

)

 

 

(1.0

)

Accretion of fair value adjustment to

   Redeemable Preferred Stock

 

(0.2

)

 

 

(0.2

)

 

 

(0.8

)

 

 

(0.6

)

Numerator for basic and diluted earnings

   (loss) per share—Net earnings (loss) available

   to common stockholders

$

(11.6

)

 

$

0.5

 

 

$

(24.7

)

 

$

(4.9

)

Denominator for basic earnings (loss)

   per share—Weighted average

   shares outstanding

 

29,268,515

 

 

 

28,556,383

 

 

 

29,196,598

 

 

 

25,993,660

 

Effect of dilutive securities

 

—

 

 

 

1,257,090

 

 

 

—

 

 

 

—

 

Denominator for diluted earnings (loss)

   per share—Weighted average

   shares outstanding

 

29,268,515

 

 

 

29,813,473

 

 

 

29,196,598

 

 

 

25,993,660

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.40

)

 

$

0.04

 

 

$

(0.85

)

 

$

(1.21

)

Discontinued operations

 

—

 

 

 

(0.02

)

 

 

—

 

 

 

1.02

 

Basic earnings (loss) per share

$

(0.40

)

 

$

0.02

 

 

$

(0.85

)

 

$

(0.19

)

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.40

)

 

$

0.04

 

 

$

(0.85

)

 

$

(1.21

)

Discontinued operations

 

—

 

 

 

(0.02

)

 

 

—

 

 

 

1.02

 

Diluted earnings (loss) per share

$

(0.40

)

 

$

0.02

 

 

$

(0.85

)

 

$

(0.19

)

 
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, unvested restricted stock units, 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Average market price of

   Real Industry common stock

$

7.27

 

 

$

10.63

 

 

$

7.43

 

 

$

9.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Potentially dilutive common stock equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested restricted common stock

 

571,676

 

 

 

—

 

 

 

571,676

 

 

 

264,630

 

Outstanding common stock options

 

748,150

 

 

 

—

 

 

 

748,150

 

 

 

775,650

 

Unvested performance shares

 

354,058

 

 

 

—

 

 

 

354,058

 

 

 

260,000

 

Warrants

 

1,448,333

 

 

 

—

 

 

 

1,448,333

 

 

 

1,468,333

 

Total potentially dilutive

   common stock equivalents

 

3,122,217

 

 

 

—

 

 

 

3,122,217

 

 

 

2,768,613

 

 
Schedule of Potentially Dilutive Common Stock Awards

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In millions, except exercise prices)

2016

 

 

2015

 

 

2016

 

 

2015

 

Average unamortized share-based

  compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted common stock awards

$

2.5

 

 

$

1.4

 

 

$

2.6

 

 

$

1.3

 

Performance share awards

$

1.3

 

 

$

1.8

 

 

$

1.8

 

 

$

0.8

 

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

 

 

$

5.75