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Earnings Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 13. EARNINGS PER SHARE



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







 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended September 30,

 

Nine months ended September 30,



 

2016

 

2015

 

2016

 

2015

Numerator: Basic (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations - Basic

 

$

 1,816 

 

$

 10,172 

 

$

 (2,173)

 

$

 3,822 

Discontinued operations - Basic

 

 

 -

 

 

 144 

 

 

 655 

 

 

 2,255 

Total Basic

 

$

 1,816 

 

$

 10,316 

 

$

 (1,518)

 

$

 6,077 



 

 

 

 

 

 

 

 

 

 

 

 

Numerator: Diluted (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to common shareholders from continuing operations

 

$

 1,816 

 

$

 10,172 

 

$

 (2,173)

 

$

 3,822 

Dividends on Series C Preferred Stock

 

 

 -

 

 

 522 

 

 

 -

 

 

 1,543 

Dividends on Series D Preferred Stock

 

 

 976 

 

 

 -

 

 

 -

 

 

 -

Preferred stock derivative liability change in fair market value

 

 

 -

 

 

 (5,217)

 

 

 -

 

 

 (4,812)

Warrant derivative liability change in fair market value

 

 

 -

 

 

 (2,678)

 

 

 -

 

 

 (3,196)

Interest and fair value adjustment on Convertible Debt

 

 

 61 

 

 

 -

 

 

 -

 

 

 -

Continuing operations - Diluted

 

 

 2,853 

 

 

 2,799 

 

 

 (2,173)

 

 

 (2,643)

Discontinued operations - Diluted

 

 

-

 

 

 144 

 

 

 655 

 

 

 2,255 

Total Diluted

 

$

 2,853 

 

$

 2,943 

 

$

 (1,518)

 

$

 (388)



 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - Basic

 

 

 4,950,339 

 

 

 4,927,503 

 

 

 4,944,027 

 

 

 4,868,610 

Unvested stock awards

 

 

 170 

 

 

 714 

 

 

 -

 

 

 648 

Series C Preferred Stock

 

 

-

 

 

 18,750,000 

 

 

-

 

 

 18,750,000 

Series D Preferred Stock

 

 

 39,032,225 

 

 

 -

 

 

 -

 

 

 -

Warrants - Employees

 

 

 -

 

 

 5,745 

 

 

 -

 

 

 5,745 

Warrants - RES

 

 

 -

 

 

 (361,115)

 

 

 -

 

 

 (78,272)

Convertible Debt

 

 

 632,249 

 

 

 -

 

 

 -

 

 

 -

Weighted average number of common shares - Diluted

 

 

 44,614,983 

 

 

 23,322,847 

 

 

 4,944,027 

 

 

 23,546,731 



 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations - Basic

 

$

 0.37 

 

$

 2.06 

 

$

 (0.44)

 

$

 0.79 

Discontinued operations - Basic

 

 

 -

 

 

 0.03 

 

 

 0.13 

 

 

 0.46 

Total - Basic Earnings per Share

 

$

 0.37 

 

$

 2.09 

 

$

 (0.31)

 

$

 1.25 



 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations - Diluted

 

$

 0.06 

 

$

 0.12 

 

$

 (0.44)

 

$

 (0.11)

Discontinued operations - Diluted

 

 

 -

 

 

 0.01 

 

 

 0.13 

 

 

 0.09 

Total - Diluted Earnings per Share

 

$

 0.06 

 

$

 0.13 

 

$

 (0.31)

 

$

 (0.02)



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

(1)

The earnings or loss 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 September 30,

 

Nine months ended September 30,



2016

 

2015

 

2016

 

2015

Outstanding stock options

 5,625 

 

 5,625 

 

 5,625 

 

 5,625 

Unvested stock awards

 -

 

 329 

 

 749 

 

 395 

Warrants - RES

 3,750,000 

 

 3,750,000 

 

 3,750,000 

 

 3,750,000 

Warrants - Employees

 430,000 

 

 430,000 

 

 430,000 

 

 335,147 

Series C Preferred Stock

 -

 

 -

 

 5,200,730 

 

 -

Series D Preferred Stock

 -

 

 -

 

 28,348,222 

 

 -

Convertible Debt

 -

 

 -

 

 459,188 

 

 -

LTIP partnership units (1)

 657,894 

 

 657,894 

 

 657,894 

 

 513,302 

SLP partnership units (1)

 299,486 

 

 12,126 

 

 299,486 

 

 12,126 

Total potentially dilutive securities excluded from the denominator

 5,143,005 

 

 4,855,974 

 

 39,151,894 

 

 4,616,595 



(1)

LTIP and partnership units of CHLP 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