| Earnings Per Share |
4. Earnings Per Share
The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts):
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Three Months Ended
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Six Months Ended
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June 30, 2015
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June 30, 2014
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June 30, 2015
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June 30, 2014
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Numerator:
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Net loss attributable to common shareholders
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$
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(9,253
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)
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$
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3,825
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$
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(20,330
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)
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$
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(72,084
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)
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Denominator:
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Weighted average number of common shares outstanding - basic
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173,439,391
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159,916,449
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173,402,611
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146,905,767
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Effect of dilutive securities:
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Options and restricted stock awards
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—
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4,120,364
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—
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—
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Common stock warrants
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—
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1,054,486
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—
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—
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Preferred stock
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—
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11,065,880
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—
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—
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Weighted average number of common shares outstanding - diluted
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173,439,391
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176,157,179
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173,402,611
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146,905,767
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When the Company is in a net loss position, all common stock equivalents would be considered to be anti-dilutive and are, therefore, not included in the determination of diluted earnings per share.
The potential dilutive common shares are summarized as follows:
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At June 30,
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2015
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2014
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Stock options outstanding (1)
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8,576,278
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5,200,768
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Restricted stock outstanding
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395,558
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650,002
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Common stock warrants (2)
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4,219,442
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4,244,442
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Preferred stock (3)
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5,554,594
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11,076,271
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Number of dilutive potential common shares
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18,745,872
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21,171,483
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(1)
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During the three months ended June 30, 2015 and 2014, the Company granted 440,000 and 435,500 stock options, respectively. During the six months ended June 30, 2015 and 2014, the Company granted 650,000 and 686,000 stock options, respectively. |
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(2)
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In May 2011, the Company issued 7,128,563 warrants as part of an underwritten public offering. As a result of additional public offerings, and pursuant to the effect of the anti-dilution provisions of these warrants, the number of warrants increased to 22,995,365. Of these warrants, 219,342 and 244,342 were unexercised as of June 30, 2015 and 2014, respectively. In February 2013, the Company issued 23,637,500 warrants as part of an underwritten public offering. Of these warrants, 100 were unexercised as of June 30, 2015 and 2014. In January 2014, the Company issued 4,000,000 warrants as part of an underwritten public offering. Of these warrants, all are unexercised as of June 30, 2015 and 2014. As of June 30, 2015, the remaining warrants have a weighted average exercise price of $3.84. |
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(3)
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The preferred stock amount represents the dilutive potential common shares of the Series C redeemable convertible preferred stock issued on May 16, 2013 based on the conversion price of the preferred stock as of June 30, 2015. Of the 10,431 preferred shares issued in May 2013, 5,200 had been converted to common stock as of June 30, 2015. |
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