Computation of Basic and Diluted Earnings (Loss) Per Share |
The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2016, 2015 and 2014:
|
|
Year Ended December 31, |
|
|
(In millions, except share and per share amounts) |
2016 |
|
|
2015 |
|
|
2014 |
|
|
Loss from continuing operations |
$ |
(103.2 |
) |
|
$ |
(31.7 |
) |
|
$ |
(0.1 |
) |
|
Earnings from discontinued operations, net of income taxes |
|
0.6 |
|
|
|
24.9 |
|
|
|
5.5 |
|
|
Net earnings (loss) |
|
(102.6 |
) |
|
|
(6.8 |
) |
|
|
5.4 |
|
|
Earnings (loss) from continuing operations attributable to
noncontrolling interest |
|
0.3 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
Net earnings (loss) attributable to Real Industry, Inc. |
|
(102.9 |
) |
|
|
(6.9 |
) |
|
|
5.5 |
|
|
Dividends on Redeemable Preferred Stock, in-kind |
|
(2.0 |
) |
|
|
(1.5 |
) |
|
|
— |
|
|
Accretion of fair value adjustment to Redeemable Preferred Stock |
|
(1.0 |
) |
|
|
(0.8 |
) |
|
|
— |
|
|
Numerator for basic and diluted earnings (loss) per share—
Net earnings (loss) available to common stockholders |
$ |
(105.9 |
) |
|
$ |
(9.2 |
) |
|
$ |
5.5 |
|
|
Denominator for basic and diluted earnings (loss) per share—
Weighted average shares outstanding |
|
28,719,098 |
|
|
|
26,657,832 |
|
|
|
13,403,083 |
|
|
Basic and diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(3.68 |
) |
|
$ |
(0.35 |
) |
|
$ |
— |
|
|
Discontinued operations |
|
— |
|
|
|
— |
|
|
|
0.41 |
|
|
Basic and diluted earnings (loss) per share |
$ |
(3.68 |
) |
|
$ |
(0.35 |
) |
|
$ |
0.41 |
|
|
Average Market Price of Common Stock and the Incremental Shares that were Dilutive or Potentially Dilutive |
The following table provides details on the average market price of Real Industry common stock and the weighted average number of outstanding shares of unvested restricted common stock, common stock options, unvested RSUs and Warrants that were potentially dilutive for the years ended December 31, 2016, 2015 and 2014:
|
|
Year Ended December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Average market price of Real Industry common stock |
$ |
7.02 |
|
|
$ |
9.22 |
|
|
$ |
9.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Potentially dilutive common stock equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Unvested restricted common stock |
|
597,246 |
|
|
|
259,323 |
|
|
|
114,505 |
|
|
Outstanding common stock options |
|
748,150 |
|
|
|
775,650 |
|
|
|
1,067,700 |
|
|
Unvested restricted stock units |
|
354,058 |
|
|
|
260,000 |
|
|
|
— |
|
|
Warrants |
|
1,448,333 |
|
|
|
1,468,333 |
|
|
|
1,500,000 |
|
|
Total potentially dilutive common stock equivalents |
|
3,147,787 |
|
|
|
2,763,306 |
|
|
|
2,682,205 |
|
|
Schedule of Potentially Dilutive Common Stock Awards |
The following table provides summary information about potentially dilutive common stock equivalents for the years ended December 31, 2016, 2015 and 2014:
|
|
Year Ended December 31, |
|
|
(In millions, except exercise prices) |
2016 |
|
|
2015 |
|
|
2014 |
|
|
Average unamortized share-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock awards |
$ |
2.5 |
|
|
$ |
1.3 |
|
|
$ |
0.6 |
|
|
Common stock option awards |
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
Restricted stock unit awards |
|
1.4 |
|
|
|
1.0 |
|
|
|
— |
|
|
Range of exercise prices on common stock options |
$3.00 - $10.00 |
|
|
$3.00 - $10.00 |
|
|
$3.00 - $10.00 |
|
|
Weighted average exercise price of the Warrants |
$ |
5.64 |
|
|
$ |
5.73 |
|
|
$ |
6.66 |
|
|