| Schedule of outstanding options |
The following is a summary of the changes in Newcastle's outstanding options for the nine months ended September 30, 2015:
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Number of Options |
|
Weighted Average Strike Price |
|
Weighted Average Life Remaining (in years) |
Outstanding at December 31, 2014 |
5,500,599 |
|
|
$ |
4.26 |
|
|
|
Granted |
178,740 |
|
|
1.00 |
|
|
|
Exercised |
13,201 |
|
|
1.00 |
|
|
|
Expired |
55,332 |
|
|
14.92 |
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
Outstanding at September 30, 2015 |
5,610,806 |
|
|
$ |
2.79 |
|
|
7.03 |
|
|
|
|
|
|
Exercisable at September 30, 2015 |
4,732,305 |
|
|
$ |
2.64 |
|
|
6.68 |
|
| Schedule of outstanding options summary |
As of September 30, 2015, 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 |
|
Issued to the Manager and subsequently transferred to certain of the Manager's employees |
29,422 |
|
|
455,902 |
|
|
485,324 |
|
Issued to the independent directors |
— |
|
|
— |
|
|
— |
|
Total |
144,661 |
|
|
5,466,145 |
|
|
5,610,806 |
|
Weighted average strike price |
$ |
13.18 |
|
|
$ |
2.52 |
|
|
$ |
2.79 |
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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, |
|
Nine Months Ended September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Numerator for basic and diluted earnings per share: |
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|
|
|
|
|
|
Income from continuing operations after preferred dividends and noncontrolling interests |
$ |
6,492 |
|
|
$ |
12,560 |
|
|
$ |
20,780 |
|
|
$ |
70,418 |
|
Income (loss) from discontinued operations, net of tax |
7 |
|
|
(8,624 |
) |
|
646 |
|
|
(32,427 |
) |
Income Applicable to Common Stockholders |
$ |
6,499 |
|
|
$ |
3,936 |
|
|
$ |
21,426 |
|
|
$ |
37,991 |
|
|
|
|
|
|
|
|
|
Denominator: |
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|
|
|
Denominator for basic earnings per share - weighted average shares |
66,484,962 |
|
|
62,329,023 |
|
|
66,445,705 |
|
|
59,848,506 |
|
Effect of dilutive securities |
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|
|
|
|
|
|
Options |
2,584,697 |
|
|
1,536,773 |
|
|
2,607,597 |
|
|
1,781,669 |
|
Denominator for diluted earnings per share - adjusted weighted average shares |
69,069,659 |
|
|
63,865,796 |
|
|
69,053,302 |
|
|
61,630,175 |
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|
Basic earnings per share: |
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|
|
|
|
|
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Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests |
$ |
0.10 |
|
|
$ |
0.20 |
|
|
$ |
0.31 |
|
|
$ |
1.18 |
|
Income (loss) from discontinued operations per share of common stock |
$ |
— |
|
|
$ |
(0.14 |
) |
|
$ |
0.01 |
|
|
$ |
(0.54 |
) |
Income Applicable to Common Stock, per share |
$ |
0.10 |
|
|
$ |
0.06 |
|
|
$ |
0.32 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
Diluted earnings per share: |
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|
|
|
|
|
|
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests |
$ |
0.09 |
|
|
$ |
0.20 |
|
|
$ |
0.30 |
|
|
$ |
1.14 |
|
Income (loss) from discontinued operations per share of common stock |
$ |
— |
|
|
$ |
(0.14 |
) |
|
$ |
0.01 |
|
|
$ |
(0.54 |
) |
Income Applicable to Common Stock, per share |
$ |
0.09 |
|
|
$ |
0.06 |
|
|
$ |
0.31 |
|
|
$ |
0.62 |
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