EQUITY AND EARNINGS PER SHARE (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Stockholders' Equity Note [Abstract] |
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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, 2018:
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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, 2017 |
5,010,576 |
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$ |
2.55 |
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Balance at September 30, 2018 |
5,010,576 |
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$ |
2.55 |
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4.84 |
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Exercisable at September 30, 2018 |
2,705,586 |
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$ |
2.64 |
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4.89 |
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| Schedule of outstanding options summary |
As of September 30, 2018, the Company’s outstanding options were summarized as follows:
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Issued in 2011 and thereafter |
Held by the former Manager |
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2,705,253 |
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Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) |
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2,304,990 |
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Issued to the independent directors |
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333 |
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Total |
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5,010,576 |
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Weighted average strike price |
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$ |
2.55 |
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(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. 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.
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| Schedule of assumptions for valuation of options |
The fair value of the options was determined using the following assumptions:
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Option Valuation Date |
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January 1, 2018 |
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April 10, 2018 |
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Expected Volatility |
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39.73 |
% |
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35.66 |
% |
Expected Dividend Yield |
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0.00 |
% |
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0.00 |
% |
Expected Remaining Term |
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3.0 - 6.6 years |
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2.7 - 6.3 years |
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Risk-Free Rate |
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2.16 - 2.29% |
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2.68 - 2.82% |
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Fair Value at Valuation Date |
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$ |
4,272 |
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$ |
3,558 |
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| Schedule of amounts used in computing basic and diluted EPS |
The following table shows the Company's basic and diluted earnings per share (“EPS”):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Numerator for basic and diluted earnings per share: |
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Loss from continuing operations after preferred dividends and noncontrolling interests |
$ |
(15,470 |
) |
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$ |
(1,864 |
) |
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$ |
(39,360 |
) |
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$ |
(22,314 |
) |
Loss Applicable to Common Stockholders |
$ |
(15,470 |
) |
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$ |
(1,864 |
) |
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$ |
(39,360 |
) |
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$ |
(22,314 |
) |
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Denominator: |
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Denominator for basic earnings per share - weighted average shares |
66,992,322 |
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66,932,744 |
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66,982,233 |
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66,883,291 |
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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 |
66,992,322 |
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66,932,744 |
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66,982,233 |
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66,883,291 |
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Basic earnings per share: |
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Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests |
$ |
(0.23 |
) |
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$ |
(0.03 |
) |
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$ |
(0.59 |
) |
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$ |
(0.33 |
) |
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Loss Applicable to Common Stock, per share |
$ |
(0.23 |
) |
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$ |
(0.03 |
) |
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$ |
(0.59 |
) |
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$ |
(0.33 |
) |
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Diluted earnings per share: |
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Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests |
$ |
(0.23 |
) |
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$ |
(0.03 |
) |
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$ |
(0.59 |
) |
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$ |
(0.33 |
) |
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Loss Applicable to Common Stock, per share |
$ |
(0.23 |
) |
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$ |
(0.03 |
) |
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$ |
(0.59 |
) |
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$ |
(0.33 |
) |
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