Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, a company that has participating securities is required to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings between the holders of common stock and a company’s participating securities. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, warrants, and convertible preferred stock.

The following table summarizes the computation of basic and diluted net income (loss) per common share.


	Years Ended December 31,
	2021		2020		2019
Numerator:
Loss from continuing operations	$	(14,425)	$	(139,490)	$	(30,749)
Less: Preferred stock cumulative dividends and deemed dividends	(21,478)		(12,373)		(642)



Numerator for basic and diluted loss from continuing operations per common share (1)	(35,903)		(151,863)		(31,391)
Income (loss) from discontinued operations, net of tax (Note 2)	1,200		38,898		(15,992)



Numerator for basic and diluted undistributed net loss per common share (1)	$	(34,703)	$	(112,965)	$	(47,383)

Denominator:
Weighted average common shares outstanding	42,991		42,692		42,299
Adjustment for unvested restricted common stock	(461)		(493)		(269)
Adjustment for 2021 Warrants outstanding (2)	1,481		—		—
Shares used to calculate income (loss) per share, basic and diluted	44,011		42,199		42,030



Per common share net loss:
Basic loss from continuing operations per common share	$	(0.82)	$	(3.60)	$	(0.75)
Basic income (loss) from discontinued operations per common share	0.03		0.92		(0.38)
Basic net loss per common share	$	(0.79)	$	(2.68)	$	(1.13)
Diluted loss from continuing operations per common share	$	(0.82)	$	(3.60)	$	(0.75)
Diluted income (loss) from discontinued operations per common share	0.03		0.92		(0.38)
Diluted net loss per common share	$	(0.79)	$	(2.68)	$	(1.13)
Cash dividends declared per common share	$	—	$	—	$	0.21

_______________________________

(1) Preferred Stock does not participate in losses.

(2) Weighted average 2021 Warrants outstanding are included in shares outstanding for calculation of basic earnings per share because they are exercisable at an exercise price of $0.01 per share, subject to certain adjustments (see Note 19).

The following table presents potentially dilutive securities that were excluded from the calculation of diluted net income (loss) per common share because they had an anti-dilutive effect.


	Years Ended December 31,
	2021	2020	2019
Options	766	871	577
2019 Warrants	1,500	1,500	1,500
Series B Preferred Stock, as-converted	—	19,021	12,976
	2,266	21,392	15,053

We have elected to allocate undistributed income to participating securities based on year-to-date results. As there was no undistributed income for the years ended December 31, 2021, 2020, and 2019, no such allocation was necessary. In addition, given the undistributed loss from continuing operations in the years ended December 31, 2021, 2020, and 2019, all options and the 2019 Warrants are considered anti-dilutive and were excluded from the calculation of diluted net income (loss) per share. Stock options excluded from the calculations of diluted net income (loss) per share had a per share exercise price ranging from $7.93 to $25.16 for the year ended December 31, 2021 and 2020, and $8.54 to $25.16 for the year ended December 31, 2019. The 2019 Warrants excluded from the calculation of diluted net income (loss) per share for the year ended December 31, 2021 had a per share exercise price of $11.49, and for the years ended December 31, 2020 and 2019, had a per share exercise price of $12.00. Series B Preferred Stock excluded from the calculation of diluted net income (loss) per share for the years ended December 31, 2020 and 2019, was calculated on an as-converted basis.