Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.8.0.1
EQUITY AND EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2018
Stockholders' Equity Note [Abstract]  
Schedule of outstanding options
The following is a summary of the changes in the Company’s outstanding options for the three months ended March 31, 2018:
 
Number of Options
 
Weighted Average Strike Price
 
Weighted Average Life Remaining (in years)
Balance at December 31, 2017
5,010,576

 
$
2.55

 
 
Balance at March 31, 2018
5,010,576

 
$
2.55

 
5.34
 
 
 
 
 
 
Exercisable at March 31, 2018
3,858,081

 
$
2.58

 
5.36


Schedule of outstanding options summary
As of March 31, 2018, the Company’s outstanding options were summarized as follows:
 
 
Issued in 2011 and thereafter
Held by the former Manager
 
3,857,748

Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A)
 
1,152,495

Issued to the independent directors
 
333

Total
 
5,010,576

Weighted average strike price
 
$
2.55


(A)
The Company and the former Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018.
Schedule of assumptions for valuation of options
As of January 1, 2018, the fair value of the options was $4.3 million using the following assumptions:
Expected Volatility
 
39.73
%
Expected Dividend Yield
 
0.00
%
Expected Remaining Term
 
3.0 - 6.6 years

Risk-Free Rate
 
2.16 - 2.29%

Schedule of amounts used in computing basic and diluted EPS
The following table shows the amounts used in computing basic and diluted EPS:
 
Three Months Ended March 31,
 
2018
 
2017
Numerator for basic and diluted earnings per share:
 
 
 
Loss from continuing operations after preferred dividends and noncontrolling interests
$
(17,690
)
 
$
(14,349
)
Loss Applicable to Common Stockholders
$
(17,690
)
 
$
(14,349
)
 
 
 
 
Denominator:
 
 
 
Denominator for basic earnings per share - weighted average shares
66,977,104

 
66,841,977

Effect of dilutive securities
 
 
 
Options
—

 
—

Denominator for diluted earnings per share - adjusted weighted average shares
66,977,104

 
66,841,977

 
 
 
 
Basic earnings per share:
 
 
 
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests
$
(0.26
)
 
$
(0.21
)
 
 
 
 
Loss Applicable to Common Stock, per share
$
(0.26
)
 
$
(0.21
)
 
 
 
 
Diluted earnings per share:
 
 
 
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests
$
(0.26
)
 
$
(0.21
)
 
 
 
 
Loss Applicable to Common Stock, per share
$
(0.26
)
 
$
(0.21
)