XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.20.2

Net Income (Loss) Per Common Share | 6 Months Ended
--- | ---
Jun. 30, 2020
Earnings Per Share [Abstract] |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, a company that has participating securities (for example, our Preferred Stock) is required to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings between the holders of common stock and a company’s participating securities. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, warrants, and Preferred Stock. The following table summarizes the computation of basic and diluted net income (loss) per common share.
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Numerator: |  |  |  |  |  |  |  |
Net loss |  | $ | (21,748) |  |  | $ | (7,283) |  |  | $ | (269,939) |  |  | $ | (26,801) |
Less: Preferred Stock cumulative dividends and deemed dividends |  | (3,043) |  |  | — |  |  | (5,994) |  |  | — |
Numerator for basic and diluted net loss per common share (1) |  | $ | (24,791) |  |  | $ | (7,283) |  |  | $ | (275,933) |  |  | $ | (26,801) |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding, basic and diluted |  | 42,197 |  |  | 42,028 |  |  | 42,154 |  |  | 42,000 |
Per common share net loss: |  |  |  |  |  |  |  |
Basic net income (loss) per common share |  | $ | (0.59) |  |  | $ | (0.17) |  |  | $ | (6.55) |  |  | $ | (0.64) |
Diluted net income (loss) per common share |  | $ | (0.59) |  |  | $ | (0.17) |  |  | $ | (6.55) |  |  | $ | (0.64) |
Cash dividends declared per common share |  | $ | — |  |  | $ | 0.07 |  |  | $ | — |  |  | $ | 0.14 |
_______________________________ (1) Preferred Stock does not participate in losses. The following table presents the number of potentially dilutive securities that were excluded from the calculation of diluted net income (loss) per common share because they had an anti-dilutive effect.
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Options |  | 890 |  |  | 754 |  |  | 890 |  |  | 754 |
Warrants |  | 1,500 |  |  | — |  |  | 1,500 |  |  | — |
Preferred Stock, as-converted |  | 25,278 |  |  | — |  |  | 25,278 |  |  | — |
|  | 27,668 |  |  | 754 |  |  | 27,668 |  |  | 754 |
Given the loss from continuing operations in the three and six months ended June 30, 2020 and 2019, all options and warrants are considered anti-dilutive and were excluded from the calculation of diluted net income (loss) per share. Stock options excluded from the calculations of diluted net income (loss) per share had a per share exercise price ranging from $7.93 to $25.16 for the three months ended June 30, 2020, and $8.86 to $25.16 for three months ended June 30, 2019. Stock options excluded from the calculations of diluted net income (loss) per share had a per share exercise price ranging from $7.93 to $25.16 for the six months ended June 30, 2020, and $8.86 to $25.16 for six months ended June 30, 2019. Warrants excluded from the calculation of diluted net income (loss) per share for the three and six months ended June 30, 2020, had a per share exercise price of $12.00. Preferred Stock excluded from the calculation of diluted net income (loss) per share for the three and six months ended June 30, 2020, was calculated on an as-converted basis. Holders of Preferred Stock will have the right to convert up to 25% of their Preferred Stock into common shares per quarter after December 31, 2023, at a conversion price that equals a 30-day volume weighted average price per common share. Under certain conditions, holders of Preferred Stock may elect to convert their Preferred Stock into common shares at an earlier date after March 31, 2023, at a conversion price that equals 90% of the volume weighted average market price per common share. The potentially dilutive Preferred Stock in the preceding table presents the more dilutive result of these conversion prices as if the Preferred Stock were converted on June 30, 2020.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration