Stockholders' Equity
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
Trust Shares
The Trust is authorized to issue 500,000,000 Trust shares and the Company is authorized to issue a corresponding number of LLC interests. The Company will at all times have the identical number of LLC interests outstanding as Trust shares. Each Trust share represents an undivided beneficial interest in the Trust, and each Trust share is entitled to one vote per share on any matter with respect to which members of the Company are entitled to vote.
Profit Allocation Interests
The Allocation Interests represent the original equity interest in the Company. The holders of the Allocation Interests ("Holders") are entitled to receive distributions pursuant to a profit allocation formula upon the occurrence of certain events. The distributions of the profit allocation are paid upon the occurrence of the sale of a material amount of capital stock or assets of one of the Company’s businesses ("Sale Event") or, at the option of the Holders, at each five year anniversary date of the acquisition of one of the Company’s businesses ("Holding Event"). The Company records distributions of the profit allocation to the Holders upon occurrence of a Sale Event or Holding Event as distributions declared on Allocation Interests to stockholders’ equity when they are approved by the Company’s board of directors. The sale of FOX shares in March 2016 (refer to "Note F - Equity Method Investment") qualified as a Sale Event under the Company's LLC Agreement. As a result, in April 2016, in respect to the March Offering, the Company's board of directors approved and declared a profit allocation payment totaling $8.6 million that was paid to Holders during the second quarter of 2016. In November 2016, in respect to the August Offering and the sale of Tridien, both qualifying as Sale Events, the Company's board of directors approved and declared a profit allocation payment of $7.0 million which will be paid during the fourth quarter of 2016.
The Company's board of directors also declared and the Company paid an $8.2 million distribution in the third quarter of 2016 to the Allocation Member in connection with a Holding Event of our ownership of the Advanced Circuits subsidiary. The payment is in respect to Advanced Circuits' positive contribution-based profit in the five year holding period ending June 30, 2016.
Earnings per share
The Company calculates basic and diluted earnings per share using the two-class method which requires the Company to allocate participating securities that have rights to earnings that otherwise would have been available only to Trust shareholders as a separate class of securities in calculating earnings per share. The Allocation Interests are considered participating securities that contain participating rights to receive profit allocations upon the occurrence of a Holding Event or Sale Event. The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015 reflects the incremental increase during the period in the profit allocation distribution to Holders related to Holding Events.
Basic and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015 attributable to Holdings is calculated as follows:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
Income (loss) from continuing operations attributable to Holdings
$
47,862

 
$
8,737

 
$
50,198

 
$
3,146

Less: Profit Allocation paid to Holdings
8,196

 
—

 
16,829

 
—

Less: Effect of contribution based profit - Holding Event
812

 
883

 
1,292

 
2,837

Income (loss) from continuing operation attributable to Trust shares
$
38,854

 
$
7,854

 
$
32,077

 
$
309

 
 
 
 
 
 
 
 
Income from discontinued operations attributable to Holdings
$
1,843

 
$
155,763

 
$
2,723

 
$
160,909

Less: Effect of contribution based profit
—

 
27

 
—

 
—

Income from discontinued operations attributable to Trust shares
$
1,843

 
$
155,736

 
$
2,723

 
$
160,909

 
 
 
 
 
 
 
 
Basic and diluted weighted average shares outstanding
54,300

 
54,300

 
54,300

 
54,300

 
 
 
 
 
 
 
 
Basic and fully diluted income (loss) per share attributable to Holdings
 
 
 
 
 
 
 
Continuing operations
$
0.72

 
$
0.14

 
$
0.59

 
$
0.01

Discontinued operations
0.03

 
2.87

 
0.05

 
2.96

 
$
0.75

 
$
3.01

 
$
0.64

 
$
2.97



Distributions

•
On January 28, 2016, the Company paid a distribution of $0.36 per share to holders of record as of January 21, 2016. This distribution was declared on January 7, 2016.
•
On April 28, 2016, the Company paid a distribution of $0.36 per share to holders of record as of April 21, 2016. This distribution was declared on April 7, 2016.
•
On July 28, 2016, the Company paid a distribution of $0.36 per share to holders of record as of July 21, 2016. This distribution was declared on July 7, 2016.
•
On October 27, 2016, the Company paid a distribution of $0.36 per share to holders of record as of October 20, 2016. This distribution was declared on October 6, 2016.