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Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Shareholders' Equity

Note 11. Shareholders’ Equity

Dividends

The Company originally authorized the payment of four regular quarterly dividends to holders of ordinary shares at a quarterly rate of $0.125 per share, with the first quarterly dividend being paid on November 1, 2016. The dividends were payable in cash or ordinary shares, at the option of the holders of ordinary shares. On May 11, 2017, the Company announced that commencing with the declared quarterly dividend for the third quarter of 2017 through any future dividends to be declared and paid through the second quarter of 2018, a 12% increase to $0.14 per share.

On November 5, 2019, the Company declared a regular quarterly dividend of $0.14 per share for the third quarter of 2019, which will be paid on December 20, 2019 to shareholders of record as of the close of business on November 29, 2019. The dividend will be paid in cash or ordinary shares, to be chosen at the option of holders of ordinary shares during an election period beginning December 2, 2019 and lasting until 5:00 P.M. Eastern Time on December 13, 2019. The value of the ordinary shares to be used to calculate the number of shares to be issued with respect to that portion of the dividend payable in ordinary shares shall be the average of the closing price of the Company’s ordinary shares on NASDAQ during the period from December 2, 2019 through December 13, 2019. If no choice is made during this election period, the dividend for this election period will be paid in ordinary shares of the Company.

The Company analyzed the accounting guidance under ASC 505 and determined that this guidance is not applicable since the dividend are shares of the same class in which each shareholder is given an election to receive cash or shares. As such, the Company analyzed the dividend under ASC 480 — Distinguishing Liabilities from Equity and concluded that the dividend should be accounted for as a liability since the dividend is a fixed monetary amount known at inception. A reclassification from dividend payable to additional paid-in capital was done for the stock dividend elections.

As a result, the Company issued 1,875,053 shares for the share dividends resulting in $14,169 being credited to Capital and paid $2,170 in cash during the nine months ended September 30, 2019.

Dividend declarations and the establishment of future record and payment dates are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of the Company and its shareholders. The dividend policy may be changed or cancelled at the discretion of the Board of Directors at any time.

Follow-on Equity Offering

On March 25, 2019, the Company closed an underwritten follow-on public offering of 5,000,000 ordinary shares at a price to the public of $7.00 per share. As a result of this offering, the Company received a net amount of $33,050 after deducting underwriting and other related fees, which were credited to share capital and additional paid in capital. Additionally, the Company granted the underwriters a 30-day option to purchase up to an additional 750,000 ordinary shares at the public offering price, less the underwriting discount, which option was exercised on April 3, 2019 with respect to 551,423 ordinary shares.

Proceeds from the offering were subsequently used to complete the joint venture transaction with Saint-Gobain discussed in Note 3. Vidrio Andino Acquisition.

Earnings per Share

The following table sets forth the computation of the basic and diluted earnings per share for the nine months ended September 30, 2019 and 2018:

		Three months ended September 30,								Nine months ended September 30,
		2019				2018				2019				2018
Numerator for basic and diluted earnings per shares
Net Income (loss)		$	(1,319	)		$	6,152			$	13,672			$	12,901

Denominator
Denominator for basic earnings per ordinary share - weighted average shares outstanding			45,519,472				40,294,762				43,793,163				39,301,161
Effect of dilutive securities and stock dividend			-				593,235				593,235				593,235
Denominator for diluted earnings per ordinary share - weighted average shares outstanding			45,519,472				40,887,997				44,386,398				39,894,396
Basic earnings (loss) per ordinary share		$	(0.03	)		$	0.15			$	0.31			$	0.33
Diluted earnings (loss) per ordinary share		$	(0.03	)		$	0.15			$	0.31			$	0.32

The effect of dilutive securities includes the effect of 593,235 shares potentially issued in relation the dividends declared. For the three months ended September 30, 2019, the effect of dilutive securities is excluded from the calculation of diluted earnings per share because including them would be anti-dilutive given the net loss during the period.