Earnings per Share - 20F

9 Months Ended

12 Months Ended

Sep. 30, 2016

Dec. 31, 2015

13.	Losses per Share:

The calculation of net earnings per common share is summarized below:

	Nine-month period ended September 30,
	2016			2015
Net loss		(17,730	)		(3,105	)

Weighted average common shares outstanding – basic and diluted		19,594,354			8,130,931
Net loss per common share – basic and diluted	$	(0.90	)	$	(0.38	)

As of September 30, 2016 and 2015, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are:

	2016		2015
Non-vested equity incentive plan shares (Note 14)		144,000		-
Convertible promissory note shares (Note 3)		27,738,890		7,333,333
Total		27,882,890		7,333,333

14.	Earnings per Share:

The calculation of net earnings per common share is summarized below:

	For the years ended December 31
	2015			2014		2013
Basic:
Net (loss) / income		(8,956	)		80,348		10,907

Weighted average common shares outstanding – basic		10,773,404			2,672,945		2,391,628
Net (loss) / income per common share – basic	$	(0.83	)	$	30.06	$	4.56

Diluted:
Net (loss) / income		(8,956	)		80,348		10,907

Weighted average common shares outstanding – basic		10,773,404			2,672,945		2,391,628
Non-vested equity incentive shares		-			5		227
Weighted average common shares outstanding – diluted		10,773,404			2,672,950		2,391,885

Net (loss) / income per common share – diluted	$	(0.83	)	$	30.06	$	4.56

As of December 31, 2015, 2014 and 2013, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as mentioned above are:

	2015		2014		2013
Non-vested equity incentive plan shares (Note 15)		152,000		-		-
Convertible promissory note shares (Note 3)		17,294,444		-		-
Private shares under warrants (Note 12)		-		15,185		15,185
Total		17,446,444		15,185		15,185