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Earnings per share

12 Months Ended

Dec. 31, 2014

Earnings per share

Earnings Per Share

8. Earnings per share

          Basic earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period.

          The Prior Series Preferred outstanding in 2012 (through the date of the recapitalization) as well as the Series One, Series Two and Series Three outstanding during 2012 (subsequent to the recapitalization) participated in earnings of the Company through dividend rights. Accordingly, the Company measured earnings per share based upon the two-class method. Net income attributable to common stockholders excludes $132.6 million for the year ended 2012 for net income attributable to participating securities.

          The diluted earnings per share for the year ended December 31, 2012 exclude the impact of approximately 0.6 million and 1.3 million common stock equivalents, respectively, since the effect of including these securities would be anti-dilutive.

          The following table sets forth the computation of basic and diluted earnings per share for common stockholders:

Net (loss) income per share

		Year ended December 31
		2014			2013			2012
Numerator
Net (loss) income		$	(93,753	)	$	(51,574	)	$	(26,235	)
Deemed dividend			—			(18,249	)		—
Gain on exchange of convertible preferred stock in connection with recapitalization			—			3,391			159,954
Less beneficial conversion charge			—			—			(378	)
Less net income attributable to participating preferred stock			—			—			(132,610	)
​	​	​	​	​	​	​	​	​	​	​
Net (loss) income attributable to common stockholders		$	(93,753	)	$	(66,432	)	$	731
​	​	​	​	​	​	​	​	​	​	​
Denominator
Denominator for basic earnings per share			31,565,310			12,829,411			3,328
Effect of dilutive securities:
Employee stock options			—			—			—
Series 3 convertible preferred stock			—			—			13,877
​	​	​	​	​	​	​	​	​	​	​
Denominator for diluted earnings per share			31,565,310			12,829,411			17,205
​	​	​	​	​	​	​	​	​	​	​
Net (loss) income per share:
Basic		$	(2.97	)	$	(5.18	)	$	219.76
​	​	​	​	​	​	​	​	​	​	​
Diluted		$	(2.97	)	$	(5.18	)	$	42.50
​	​	​	​	​	​	​	​	​	​	​

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

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-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257



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