XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.21.2

Net Income (Loss) Per Common Share | 6 Months Ended
--- | ---
Jun. 30, 2021
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 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 convertible preferred stock. The following table summarizes the computation of basic and diluted net loss per common share.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator: |  |  |  |  |  |  |  |
Loss from continuing operations |  | $ | (5,391) |  |  | $ | (17,566) |  |  | $ | (10,304) |  |  | $ | (125,643) |
Less: Preferred stock cumulative dividends and deemed dividends |  | (2,211) |  |  | (3,043) |  |  | (16,740) |  |  | (5,994) |
Numerator for basic and diluted loss from continuing operations per common share (1) |  | (7,602) |  |  | (20,609) |  |  | (27,044) |  |  | (131,637) |
Loss from discontinued operations, net of tax (Note 2) |  | — |  |  | (4,182) |  |  | — |  |  | (144,296) |
Numerator for basic and diluted undistributed net loss per common share (1) |  | $ | (7,602) |  |  | $ | (24,791) |  |  | $ | (27,044) |  |  | $ | (275,933) |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 43,067 |  |  | 42,753 |  |  | 42,952 |  |  | 42,671 |
Adjustment for unvested restricted common stock |  | (524) |  |  | (556) |  |  | (450) |  |  | (517) |
Adjustment for 2021 Warrants outstanding (2) |  | 1,897 |  |  | — |  |  | 1,059 |  |  | — |
Shares used to calculate income (loss) per share, basic and diluted |  | 44,440 |  |  | 42,197 |  |  | 43,561 |  |  | 42,154 |
Per common share net loss: |  |  |  |  |  |  |  |
Basic loss from continuing operations per common share |  | $ | (0.17) |  |  | $ | (0.49) |  |  | $ | (0.62) |  |  | $ | (3.12) |
Basic loss from discontinued operations per common share |  | — |  |  | (0.10) |  |  | — |  |  | (3.43) |
Basic net loss per common share |  | $ | (0.17) |  |  | $ | (0.59) |  |  | $ | (0.62) |  |  | $ | (6.55) |
Diluted loss from continuing operations per common share |  | $ | (0.17) |  |  | $ | (0.49) |  |  | $ | (0.62) |  |  | $ | (3.12) |
Diluted loss from discontinued operations per common share |  | — |  |  | (0.10) |  |  | — |  |  | (3.43) |
Diluted net loss per common share |  | $ | (0.17) |  |  | $ | (0.59) |  |  | $ | (0.62) |  |  | $ | (6.55) |
Cash dividends declared per common share |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
_______________________________ (1) Preferred Stock does not participate in losses. (2) Weighted average 2021 Warrants outstanding are included in shares outstanding for calculation of basic earnings per share because they are exercisable at an exercise price of $0.01 per share, subject to certain adjustments (see Note 17). The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Options |  | 825 |  |  | 890 |  |  | 843 |  |  | 890 |
2019 Warrants |  | 1,500 |  |  | 1,500 |  |  | 1,500 |  |  | 1,500 |
Series B Preferred Stock, as-converted |  | — |  |  | 25,278 |  |  | — |  |  | 25,278 |
|  | 2,325 |  |  | 27,668 |  |  | 2,343 |  |  | 27,668 |
We have elected to allocate undistributed income to participating securities based on year-to-date results. As there was no undistributed income for the three and six months ended June 30, 2021, no such allocation was necessary. In addition, given the undistributed loss from continuing operations in the three and six months ended June 30, 2021 and 2020, options and the 2019 Warrants are considered anti-dilutive and were excluded from the calculation of diluted net loss per share. Stock options excluded from the calculations of diluted net loss per share had a per share exercise price ranging from $7.93 to $25.16 for the three months ended June 30, 2021, and $7.93 to $25.16 for three months ended June 30, 2020. 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, 2021, and $7.93 to $25.16 for six months ended June 30, 2020. The 2019 Warrants excluded from the calculation of diluted net loss per share for the three and six months ended June 30, 2021, had a per share exercise price of $11.49. Series B Preferred Stock excluded from the calculation of diluted net loss per share for the three and six months ended June 30, 2020, was calculated on an as-converted basis.

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