Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.20.2
Earnings per Share
6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share
Diluted EPS assumes the dilutive effect of outstanding common stock warrants, UPOs and RSUs, all using the treasury stock method.
 
 
Three months ended
June 30,
 
Six months ended
 June 30,

 
 
 
2020
 
2019
 
2020
 
2019
(in thousands, except per share amounts)
 
 
 
(As Recast)
 
 
 
(As Recast)
EPS numerator:
 
 

 
 

 
 

 
 

Net income (loss)
 
$
2,947

 
$
(1,289
)
 
$
2,895

 
$
559

 
 
 
 
 
 
 
 
 
EPS denominator:
 
 
 
 
 
 
 
 
Weighted average shares outstanding – basic
 
7,846

 
7,643

 
7,822

 
7,643

Impact of dilutive securities
 
59

 

 
56

 
74

Weighted average shares outstanding – diluted
 
7,905

 
7,643

 
7,878

 
7,717

 
 
 
 
 
 
 
 
 
EPS:
 
 
 
 
 
 
 
 
Basic
 
$
0.38

 
$
(0.17
)
 
$
0.37

 
$
0.07

Diluted
 
$
0.37

 
$
(0.17
)
 
$
0.37

 
$
0.07


The following table summarizes the securities that were antidilutive or out-of-the-money, and therefore, were not included in the computations of diluted loss per common share:
 
Three months ended
June 30,
 
Six months ended
June 30,

 
 
2020
 
2019
 
2020
 
2019
Out-of-the money warrants (see Note 8)
4,576,799

 
4,576,799

 
4,576,799

 
4,576,799

Service-based RSUs (See Note 17)
463

 
138,782

 
1,255

 
2,867

Performance and market-based RSUs(1)
9,674

 

 

 

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

 
27,360

 

 
27,360

Total
4,586,936

 
4,742,941

 
4,578,054

 
4,607,026



(1) For the three and six months ended June 30, 2020 and 2019, certain 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.