Earnings Per Share

3 Months Ended

Mar. 31, 2016

NOTE 12. EARNINGS PER SHARE

The following is a reconciliation of basic and diluted earnings per common share (“EPS”):

(1)



	Three months ended March 31,
	2016		2015
Numerator: Basic (1)
Net earnings (loss) attributable to common shareholders:
Continuing operations - Basic	$	(11,087)	$	1,088
Discontinued operations - Basic		645		1,190
Total Basic	$	(10,442)	$	2,278

Numerator: Diluted (1)
Net earnings (loss) attributable to common shareholders from continuing operations	$	(11,087)	$	1,088
Gain on warrant derivative		-		(1,940)
Gain on Series C Preferred Stock embedded derivative		-		(2,883)
Undeclared dividends on Series C Preferred Stock		-		507
Continuing operations - Diluted		(11,087)		(3,228)
Discontinued operations - Diluted		645		1,190
Total Diluted	$	(10,442)	$	(2,038)

Denominator
Weighted average number of common shares - Basic		4,940,836		4,747,012
Unvested stock		-		1,115
Series C Preferred Stock		-		18,750,000
Warrants - Employees		-		8,031
Weighted average number of common shares - Diluted		4,940,836		23,506,158

Earnings per Share
Continuing operations - Basic	$	(2.24)	$	0.23
Discontinued operations - Basic		0.13		0.25
Total - Basic Earnings per Share	$	(2.11)	$	0.48

Continuing operations - Diluted	$	(2.24)	$	(0.14)
Discontinued operations - Diluted		0.13		0.05
Total - Diluted Earnings per Share	$	(2.11)	$	(0.09)

(1) The loss (earnings) attributable to noncontrolling interest is allocated between continuing and discontinued operations for the purpose of the EPS calculation.

The following table summarizes the weighted average number of potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted EPS as they are antidilutive:


	Three months ended March 31,
	2016	2015
Outstanding stock options	5,625	8,750
Unvested stock awards	1,042	969
Warrants - RES	3,750,000	3,750,000
Warrants - Employees	430,000	138,556
Series C Preferred Stock	15,659,341	-
Series D Preferred Stock	6,862,809	-
Convertible debt	111,165	-
LTIP partnership units (1)	657,894	219,298
SLP partnership units (1)	299,486	97,008
Total potentially dilutive securities excluded from the denominator	27,777,362	4,214,581

(1)

LTIP and partnership units of SLP have been omitted from the denominator for the purpose of computing diluted EPS since the effect of including these amounts in the numerator and denominator would have no impact on calculated EPS.