| Schedule of outstanding options |
The following is a summary of the changes in Newcastle’s outstanding options for the nine months ended September 30, 2016:
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Number of Options |
|
Weighted Average Strike Price |
|
Weighted Average Life Remaining (in years) |
Balance at December 31, 2015 |
5,421,561 |
|
|
$ |
2.85 |
|
|
|
Granted (A) |
333 |
|
|
3.78 |
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|
|
Balance at September 30, 2016 |
5,421,894 |
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|
$ |
2.86 |
|
|
6.04 |
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|
|
|
|
|
Exercisable at September 30, 2016 |
5,294,325 |
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|
$ |
2.83 |
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|
5.98 |
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(A) |
Options granted to a non-employee director upon joining the board of directors. |
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| Schedule of outstanding options summary |
As of September 30, 2016, Newcastle’s outstanding options were summarized as follows:
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Issued Prior to 2011 |
|
Issued in 2011 and thereafter |
|
Total |
Held by the Manager |
115,239 |
|
|
5,010,243 |
|
|
5,125,482 |
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Issued to the Manager and subsequently transferred to certain of the Manager’s employees |
29,422 |
|
|
266,657 |
|
|
296,079 |
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Issued to the independent directors |
— |
|
|
333 |
|
|
333 |
|
Total |
144,661 |
|
|
5,277,233 |
|
|
5,421,894 |
|
Weighted average strike price |
$ |
13.18 |
|
|
$ |
2.57 |
|
|
$ |
2.86 |
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| Schedule of amounts used in computing basic and diluted EPS |
Newcastle is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2016 |
|
2015 |
|
2016 |
|
2015 |
Numerator for basic and diluted earnings per share: |
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|
|
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Income from continuing operations after preferred dividends and noncontrolling interests |
$ |
18,923 |
|
|
$ |
6,492 |
|
|
$ |
92,598 |
|
|
$ |
20,780 |
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Income from discontinued operations, net of tax |
— |
|
|
7 |
|
|
— |
|
|
646 |
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Income Applicable to Common Stockholders |
$ |
18,923 |
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|
$ |
6,499 |
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|
$ |
92,598 |
|
|
$ |
21,426 |
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Denominator: |
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Denominator for basic earnings per share - weighted average shares |
66,730,583 |
|
|
66,484,962 |
|
|
66,688,962 |
|
|
66,445,705 |
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Effect of dilutive securities |
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|
|
|
|
|
|
Options |
2,342,093 |
|
|
2,584,697 |
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|
2,064,570 |
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|
2,607,597 |
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Denominator for diluted earnings per share - adjusted weighted average shares |
69,072,676 |
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|
69,069,659 |
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|
68,753,532 |
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|
69,053,302 |
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Basic earnings per share: |
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Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests |
$ |
0.28 |
|
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$ |
0.10 |
|
|
$ |
1.39 |
|
|
$ |
0.31 |
|
Income from discontinued operations per share of common stock |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.01 |
|
Income Applicable to Common Stock, per share (A) |
$ |
0.28 |
|
|
$ |
0.10 |
|
|
$ |
1.39 |
|
|
$ |
0.32 |
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|
|
|
|
|
|
|
|
Diluted earnings per share: |
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|
|
|
|
|
|
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests |
$ |
0.27 |
|
|
$ |
0.09 |
|
|
$ |
1.35 |
|
|
$ |
0.30 |
|
Income from discontinued operations per share of common stock |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.01 |
|
Income Applicable to Common Stock, per share (A) |
$ |
0.27 |
|
|
$ |
0.09 |
|
|
$ |
1.35 |
|
|
$ |
0.31 |
|
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|
(A) |
Due to rounding, income per share from continuing operations and income per share from discontinued operations may not sum to the income per share of common stock. |
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