Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of dilutive potential common shares outstanding during the period, if any. The effects include adjustments to the numerator for any change in fair market value attributed to the derivative liabilities (related to the Series C convertible preferred stock and warrants, and the convertible loan) during the period the convertible securities are dilutive. The computation of basic and diluted earnings per common share is presented below:



	Three months ended				Six months ended
(dollars in thousands, except per share data)	June 30,				June 30,
	2015		2014		2015		2014
Basic and Diluted Earnings per Share
Calculation: *
Numerator: basic and diluted
Net loss attributable to common shareholders:
Continuing operations	$	(7,525)	$	(12,129)	$	(6,626)	$	(13,661)
Discontinued operations		1,008		828		2,387		1,010
Net loss attributable to common shareholders - total basic and diluted	$	(6,517)	$	(11,301)	$	(4,239)	$	(12,651)

Weighted average number of common shares - basic and diluted		4,925,714		3,287,401		4,836,856		3,091,713
Basic and Diluted Earnings
Per Common Share:
Net earnings (loss) attributable to common shareholders
per weighted average common share:
Continuing operations - basic and diluted	$	(1.52)	$	(3.69)	$	(1.37)	$	(4.42)
Discontinued operations - basic and diluted		0.20		0.25		0.49		0.33
Total - Basic and Diluted EPS	$	(1.32)	$	(3.44)	$	(0.88)	$	(4.09)

* The loss (earnings) attributable to noncontrolling interest is allocated between continuing and discontinued operations for the purpose of the EPS calculation. Long Term Incentive Plan (“LTIP”) and common operating units of SLP have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.

Potentially dilutive common shares, if any, have been excluded from the denominator if they are antidilutive to net loss attributable to common shareholders. The number of weighted average shares of common stock for the three and six months ended June 30, 2015 is significantly higher than the outstanding shares at June 30, 2014 due to the issuance of common stock from the rights offering during the last month of the second quarter of 2014.

The following table summarizes the weighted average of potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:



	Three months ended		Six months ended
	June 30,		June 30,
	2015	2014	2015	2014
Outstanding stock options	8,750	17,563	8,750	17,563
Unvested stock awards outstanding	1,284	11,049	225	1,555
Warrants - Employees	430,000	0	287,459	0
Common operating units *	12,126	12,126	12,126	12,126
LTIP Units *	657,894	0	439,809	0
Warrants	3,750,000	3,750,000	3,750,000	3,750,000
Series C preferred stock	18,750,000	7,046,703	18,750,000	5,407,459
Convertible debt	0	975,275	0	1,111,878
Total potentially dilutive securities excluded from the denominator	23,610,054	11,812,716	23,248,369	10,300,581

* LTIP and common operating units of SLP have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.