Note 15 - Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Earnings Per Share [Text Block]
15.
    Earnings Per Share
 
The following table details the computation of basic and diluted earnings per share:
 
 
 
Year ended December 31,
  
 
 
2016
 
 
2015
 
 
2014
 
Numerator:
                        
Net income attributable to Providence
   $
91,928
    $
83,696
    $
20,275
 
Less dividends on convertible preferred stock
    
(4,419
 )    
(3,935
 )    
-
 
Less accretion of convertible preferred stock discount
    
-
     
(1,071
 )    
-
 
Less income allocated to participating securities
    
(13,135
 )    
(10,691
 )    
-
 
Net income available to common stockholders
   $
74,374
    $
67,999
    $
20,275
 
                         
Continuing operations
   $
(21,251
 )   $
(29,181
 )   $
24,511
 
Discontinued operations
    
95,625
     
97,180
     
(4,236
 )
    $
74,374
    $
67,999
    $
20,275
 
                         
Denominator:
                        
Denominator for basic earnings per share -- weighted-average shares
    
14,666,896
     
15,960,905
     
14,765,303
 
Effect of dilutive securities:
                        
Common stock options
   
-
     
-
     
236,538
 
Performance-based restricted stock units
    
-
     
-
     
16,720
 
Denominator for diluted earnings per share -- adjusted weighted-average shares assumed conversion
    
14,666,896
     
15,960,905
     
15,018,561
 
                         
Basic earnings (loss) per share:
                        
Continuing operations
   $
(1.45
 )   $
(1.83
 )   $
1.66
 
Discontinued operations
    
6.52
     
6.09
     
(0.29
 )
    $
5.07
    $
4.26
    $
1.37
 
Diluted earnings (loss) per share:
                        
Continuing operations
   $
(1.45
 )   $
(1.83
 )   $
1.63
 
Discontinued operations
    
6.52
     
6.09
     
(0.28
 )
    $
5.07
    $
4.26
    $
1.35
 
 
 
The accretion of Preferred Stock discount in the table above related to a beneficial conversion feature of the Company’s Preferred Stock that was fully amortized as of
June
30,
2015.
Income allocated to participating securities is calculated by allocating a portion of net income less dividends on convertible stock and amortization of Preferred Stock discount to the Preferred Stock holders on a pro rata, as converted, basis; however, the convertible preferred stockholders are not required to absorb losses.
 
 
The following weighted-average shares were not included in the computation of diluted earnings per share as the effect of their inclusion would have been anti-dilutive:
 
 
 
Year ended December 31,
 
 
 
2016
 
 
2015
 
 
2014
 
Stock options to purchase common stock
    
22,638
      
173,925
     
92,054
 
Convertible preferred stock
    
803,442
      
700,241
     
-