EQUITY AND EARNINGS PER SHARE (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Equity [Abstract] |
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| Schedule of amounts used in computing basic and diluted EPS |
The Company 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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2022 |
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2021 |
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2022 |
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2021 |
| Numerator for basic and diluted earnings per share: |
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| Loss from continuing operations after preferred dividends |
$ |
(8,547) |
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$ |
(10,246) |
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$ |
(39,735) |
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$ |
(25,909) |
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| Loss Applicable to Common Stockholders |
$ |
(8,547) |
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$ |
(10,246) |
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$ |
(39,735) |
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$ |
(25,909) |
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| Denominator: |
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| Denominator for basic earnings per share - weighted average shares |
92,385,019 |
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92,085,846 |
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92,339,823 |
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88,938,344 |
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| Effect of dilutive securities |
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| Options |
— |
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— |
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— |
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— |
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| RSUs |
— |
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— |
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— |
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— |
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| Denominator for diluted earnings per share - adjusted weighted average shares |
92,385,019 |
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92,085,846 |
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92,339,823 |
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88,938,344 |
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| Basic earnings per share: |
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| Loss from continuing operations per share of common stock after preferred dividends |
$ |
(0.09) |
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$ |
(0.11) |
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$ |
(0.43) |
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$ |
(0.29) |
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| Loss Applicable to Common Stock, per share |
$ |
(0.09) |
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$ |
(0.11) |
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$ |
(0.43) |
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$ |
(0.29) |
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| Diluted earnings per share: |
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| Loss from continuing operations per share of common stock after preferred dividends |
$ |
(0.09) |
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$ |
(0.11) |
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$ |
(0.43) |
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$ |
(0.29) |
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| Loss Applicable to Common Stock, per share |
$ |
(0.09) |
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$ |
(0.11) |
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$ |
(0.43) |
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$ |
(0.29) |
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| Schedule of outstanding options |
The following is a summary of the changes in the Company’s outstanding options for the nine months ended September 30, 2022:
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Number of Options |
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Weighted Average Strike Price |
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Weighted Average Life Remaining (in years) |
| Balance at December 31, 2021 |
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3,582,548 |
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$ |
3.17 |
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| Expired |
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(105,118) |
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$ |
1.00 |
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| Balance at September 30, 2022 |
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3,477,430 |
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$ |
3.23 |
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0.9 |
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| Exercisable at September 30, 2022 |
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3,061,926 |
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$ |
3.16 |
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0.8 |
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| Schedule of outstanding options summary |
As of September 30, 2022, the Company’s outstanding options were summarized as follows:
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Number of Options |
| Held by a former Manager |
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3,061,926 |
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Granted to the former Manager and subsequently transferred to certain former Manager’s employees (A)
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415,504 |
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| Total |
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3,477,430 |
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| Summary of changes in RSUs |
The following is a summary of the changes in the Company’s RSUs for the nine months ended September 30, 2022.
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Number of RSUs |
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Weighted Average Grant Date Fair Value (per unit) |
| Balance at December 31, 2021 |
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193,190 |
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$ |
2.20 |
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| Vested |
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(23,605) |
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$ |
4.66 |
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| Forfeited (A) |
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(8,047) |
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$ |
4.66 |
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| Balance at September 30, 2022 |
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161,538 |
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$ |
1.71 |
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(A) Unvested RSUs are forfeited by non-employee directors upon their departure from the board of directors and generally forfeited by employees upon their termination.
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