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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 14. EARNINGS PER SHARE



Basic earnings per share (“EPS”) is computed by dividing net earnings (loss) attributable 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 any dilutive potential common shares outstanding during the period. These effects include adjustments to the numerator for any change in fair value included in net earnings (loss) attributed to the certain derivative liabilities (related to the Series C Preferred Stock and warrants) during the period the convertible securities are dilutive. The computation of basic and diluted EPS is presented below:





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Year ended December 31,



 

2016

 

2015

 

2014

Numerator: Basic (1)

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to common shareholders

 

 

 

 

 

 

 

 

 

Continuing operations - Basic 

 

$

 1,390 

 

$

 6,055 

 

$

 (22,581)

Discontinued operations - Basic 

 

 

 657 

 

 

 3,438 

 

 

 2,893 

Total Basic

 

$

 2,047 

 

$

 9,493 

 

$

 (19,688)



 

 

 

 

 

 

 

 

 

Numerator: Diluted (1)

 

 

 

 

 

 

 

 

 

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

 

$

 1,390 

 

$

 6,055 

 

$

 (22,581)

Dividends on Series C Preferred Stock

 

 

 -

 

 

 2,074 

 

 

 -

Dividends on Series D Preferred Stock

 

 

 3,090 

 

 

 -

 

 

 -

Unrealized gain on warrant derivative

 

 

 -

 

 

 (4,122)

 

 

 -

Unrealized gain on Series C Preferred Embedded Derivative

 

 

 -

 

 

 (7,533)

 

 

 -

Continuing operations - Diluted

 

 

 4,480 

 

 

 (3,526)

 

 

 (22,581)

Discontinued operations - Diluted

 

 

 657 

 

 

 3,438 

 

 

 2,893 

Total Diluted

 

$

 5,137 

 

$

 (88)

 

$

 (19,688)



 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - Basic

 

 

 761,112 

 

 

 751,634 

 

 

 599,552 

Unvested stock

 

 

 -

 

 

 619 

 

 

 -

Series C Preferred Stock

 

 

 -

 

 

 2,884,615 

 

 

 -

Series D Preferred Stock

 

 

 4,774,433 

 

 

 -

 

 

 -

Warrants - Employees

 

 

 -

 

 

 106 

 

 

 -

Warrants - RES

 

 

 -

 

 

 (61,504)

 

 

 -

Weighted average number of common shares - Diluted

 

 

 5,535,545 

 

 

 3,575,470 

 

 

 599,552 



 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

Continuing operations - Basic

 

$

 1.82 

 

$

 8.06 

 

$

 (37.64)

Discontinued operations - Basic

 

 

 0.85 

 

 

 4.55 

 

 

 4.81 

Total - Basic Earnings Per Share

 

$

 2.67 

 

$

 12.61 

 

$

 (32.83)



 

 

 

 

 

 

 

 

 

Continuing operations - Diluted

 

$

 0.78 

 

$

 (0.98)

 

$

 (37.64)

Discontinued operations - Diluted

 

 

 0.13 

 

 

 0.98 

 

 

 4.81 

Total - Diluted Earnings Per Share

 

$

 0.91 

 

$

 -

 

$

 (32.83)



 

 

 

 

 

 

 

 

 

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

Potentially dilutive common shares, if any, have been excluded from the denominator if they are antidilutive to net earnings (loss) attributable to common shareholders.  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:





 

 

 

 

 



Year ended December 31,



2016

 

2015

 

2014

Outstanding stock options

 865 

 

 865 

 

 1,346 

Unvested stock awards outstanding

 -

 

 -

 

 237 

Warrants - RES

 576,923 

 

 -

 

 576,923 

Warrants - Employees

 66,153 

 

 55,249 

 

 -

Series C preferred Stock

 598,991 

 

 -

 

 2,884,615 

LTIP common units (1)

 101,213 

 

 84,576 

 

 -

Convertible debt

 77,336 

 

 -

 

 84,826 

CHLP common units (1)

 46,265 

 

 13,008 

 

 1,865 

Total potentially dilutive securities excluded from the denominator

 1,467,746 

 

 153,698 

 

 3,549,812 



(1)

LTIP and common 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