PLUG POWER INC - 10-K filing on 2019-03-13

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of components of the calculations of basic and diluted earnings per share:

The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts):


	Year ended December 31,
	2018		2017			2016
Numerator:
Net loss attributable to common shareholders	$	(78,167)	$	(130,178)	$	(57,591)
Denominator:
Weighted average number of common shares outstanding		218,882,337		216,343,985		180,619,860

Schedule of potential dilutive common shares


	At December 31,
	2018	2017	2016
Stock options outstanding (1)	21,957,150	19,872,029	14,760,054
Restricted stock outstanding (2)	2,347,347	234,744	13,333
Common stock warrants (3)	115,824,142	115,824,242	14,501,600
Preferred stock (4)	17,933,591	2,782,075	17,490,078
Convertible Senior Notes (5)	43,630,020	-	-
Number of dilutive potential common shares	201,692,250	138,713,090	46,765,065

(1)

During the years ended December 31, 2018, 2017, and 2016, the Company granted 2,679,667, 5,485,863, and 3,702,500 stock options, respectively.

(2)

During the years ended December 31, 2018, 2017, and 2016, the Company granted 2,347,347, 234,744, and zero shares of restricted stock, respectively.

(3)

In February 2013, the Company issued 23,637,500 warrants as part of an underwritten public offering with an exercise price of $0.15 per warrant. Of these warrants issued in February 2013, zero, 100 and 100 were unexercised as of December 31, 2018, 2017 and 2016.

In January 2014, the Company issued 4,000,000 warrants as part of an underwritten public offering with an exercise price of $4.00 per warrant. In December 2016, as a result of additional public offerings, and pursuant to the effect of the anti-dilution provisions of these warrants, the exercise price of the $4.00 warrants was reduced to $0.65. Of these warrants issued in January 2014, all 4,000,000 warrants were exercised during the year ended December 31, 2017, as described in Note 11, Stockholders’ Equity.

In December 2016, the Company issued 10,501,500 warrants as part of two concurrent underwritten public offerings with an exercise price of $1.50 per warrant. Of these warrants issued in December 2016, all 10,501,500 warrants were exercised during the year ended December 31, 2017, respectively, as described in Note 11, Stockholders’ Equity.

In April 2017, the Company issued 5,250,750 warrants with an exercise price of $2.69 per warrant, as described in Note 11, Stockholders’ Equity. Of these warrants issued in April 2017, none have been exercised as of December 31, 2018.

In April 2017, the Company issued warrants to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement, subject to certain vesting events, as described in Note 13, Warrant Transaction Agreements. Of these warrants issued, none have been exercised as of December 31, 2018.

In July 2017, the Company issued warrants to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement, subject to certain vesting events, as described in Note 13, Warrant Transaction Agreements. Of these warrants issued, none have been exercised as of December 31, 2018.

(4)

The preferred stock amount represents the dilutive potential common shares of the Series C, D and E redeemable convertible preferred stock, based on the conversion price of the preferred stock as of December 31, 2018, 2017 and 2016, respectively. Of the 10,431 Series C redeemable preferred stock issued on May 16, 2013, 7,811 had been converted to common stock through December 31, 2017, with the remainder still outstanding. Of the 18,500 Series D redeemable convertible preferred stock issued on December 22, 2016, 3,700 shares have been redeemed and the remaining 14,800 have been converted to common stock during the year ended December 31, 2017. On November 1, 2018, the Company issued 35,000 shares of Series E redeemable convertible preferred stock. As of December 31, 2018, all Series E redeemable convertible preferred stock are outstanding.

(5)

In March 2018, the Company issued $100.0 million in aggregate principal amount of 5.5% Convertible Senior Notes. See Note 10, Convertible Senior Notes.