Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.19.3
Earnings per Share
9 Months Ended
Sep. 30, 2019
Earnings per Share  
Earnings per Share

Note 11 – Earnings per Share

Diluted EPS assumes the dilutive effect of outstanding common stock warrants, UPOs and RSUs, all using the treasury stock method, and the dilutive effect of the Class A Preferred Stock, using the “if-converted” method.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30, 

 

September 30, 

(in thousands, except per share amounts)

    

2019

    

2018

    

2019

    

2018

EPS numerator:

 

 

  

 

 

  

 

 

  

 

 

  

Net loss

 

$

(3,412)

 

$

(3,505)

 

$

(2,770)

 

$

(5,219)

Less: Premium paid on partial preferred redemption

 

 

 —

 

 

 —

 

 

 —

 

 

2,219

Less: Undistributed preferred stock dividends

 

 

 —

 

 

 —

 

 

 —

 

 

(113)

Net loss attributable to Limbach Holdings, Inc. common stockholders

 

$

(3,412)

 

$

(3,505)

 

$

(2,770)

 

$

(7,325)

 

 

 

 

 

 

 

 

 

 

 

 

 

EPS denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – basic

 

 

7,674

 

 

7,575

 

 

7,653

 

 

7,553

Impact of dilutive securities

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Weighted average shares outstanding – diluted

 

 

7,674

 

 

7,575

 

 

7,653

 

 

7,553

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Limbach Holdings, Inc. common stockholders

 

$

(0.44)

 

$

(0.46)

 

$

(0.36)

 

$

(0.97)

Diluted EPS attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Limbach Holdings, Inc. common stockholders

 

$

(0.44)

 

$

(0.46)

 

$

(0.36)

 

$

(0.97)

 

The following table summarizes the securities that were antidilutive (including warrants, UPOs, RSUs and Preferred Stock after giving effect to their respective conversion to shares of common stock for those units in-the-money, or share equivalents for those units out-of-the-money) and therefore, were not included in the computations of diluted income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

    

Three months ended

    

Nine months ended

 

 

September 30, 

 

September 30, 

 

 

2019

    

2018

 

2019

    

2018

In-the-money warrants (See Note 8)

 

 —

 

 —

 

 —

 

110,945

Out-of-the-money warrants (See Note 8)

 

4,576,799

 

4,576,799

 

4,576,799

 

1,231,119

Preferred Stock (See Note 9)

 

 —

 

 —

 

 —

 

22,564

Restricted stock units (RSUs) (See Note 17)(1)

 

114,837

 

60,914

 

83,409

 

56,331

In-the-money UPOs (See Note 8)(2)

 

 —

 

1,118

 

 —

 

3,279

Out-of-the-money UPOs (See Note 8)(2)

 

3,903

 

8,550

 

12,590

 

 —

Total

 

4,695,539

 

4,647,381

 

4,672,798

 

1,424,238


(1)

For the three and nine months ended September 30, 2019 and 2018, all PRSUs and MRSUs (both as defined below) were not included in the computation of diluted loss per share because the performance and market conditions were not satisfied during the periods and would not be satisfied if the reporting date was at the end of the contingency periods.

(2)

These UPO’s expired on July 21, 2019.