Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.20.2
EQUITY AND EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of outstanding options
The following is a summary of the changes in the Company’s outstanding options for the six months ended June 30, 2020:
Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years)
Balance at December 31, 2019 6,898,346    $ 3.26   
Expired (1,117,118)   5.44   
Forfeited (770,652)   4.74   
Balance at June 30, 2020 5,010,576    $ 2.55    2.67
Exercisable at June 30, 2020 3,702,422    $ 2.56    2.69
Schedule of outstanding options summary
As of June 30, 2020, the Company’s outstanding options were summarized as follows:
Number of Options
Held by the former Manager 3,627,245   
Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 1,382,998   
Issued to the independent directors 333   
Issued to Drive Shack employees —   
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 would not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. In both February 2017 and April 2018, the former Manager issued 1,152,495 options to certain employees formerly employed by the Manager as part of their compensation. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. In July 2019, a certain employee was terminated by the Company and 921,992 options reverted back to the former Manager.
Summary of changes in RSUs
The following is a summary of the changes in the Company’s RSUs for the six months ended June 30, 2020.
Number of RSUs Weighted Average Grant Date Fair Value (per unit)
Balance at December 31, 2019 520,618    $ 4.66   
Released (143,611)   $ 4.70   
Forfeited (120,042)   $ 4.64   
Balance at June 30, 2020 256,965    $ 4.64   
Schedule of amounts used in computing basic and diluted EPS
The following table shows the Company's basic and diluted earnings per share (“EPS”):
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Numerator for basic and diluted earnings per share:
Loss from continuing operations after preferred dividends and noncontrolling interests $ (40,921)   $ (14,354)   $ (59,678)   $ (30,349)  
Loss Applicable to Common Stockholders $ (40,921)   $ (14,354)   $ (59,678)   $ (30,349)  
Denominator:
Denominator for basic earnings per share - weighted average shares 67,111,843    67,029,610    67,090,805    67,028,364   
Effect of dilutive securities
Options —    —    —    —   
RSUs —    —    —    —   
Denominator for diluted earnings per share - adjusted weighted average shares 67,111,843    67,029,610    67,090,805    67,028,364   
Basic earnings per share:
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.61)   $ (0.21)   $ (0.89)   $ (0.45)  
Loss Applicable to Common Stock, per share $ (0.61)   $ (0.21)   $ (0.89)   $ (0.45)  
Diluted earnings per share:
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ (0.61)   $ (0.21)   $ (0.89)   $ (0.45)  
Loss Applicable to Common Stock, per share $ (0.61)   $ (0.21)   $ (0.89)   $ (0.45)