Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.21.1
EQUITY AND EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021:
Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years)
Balance at December 31, 2020 4,935,732  $ 2.57 
Exercised (1,048,652) 1.00 
Balance at March 31, 2021 3,887,080  $ 3.00  2.24
Exercisable at March 31, 2021 2,704,738  $ 3.13  2.34
Schedule of outstanding options summary
As of March 31, 2021, the Company’s outstanding options were summarized as follows:
Number of Options
Held by the former Manager 2,578,593 
Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 1,308,154 
Issued to the independent directors 333 
Total 3,887,080 
Weighted average strike price $ 3.00 
(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. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. In 2019, a certain employee was terminated by the Company and 921,992 options reverted back to the former Manager.  The Company reversed $1.2 million in stock compensation expense related to these options. For the three months ending March 31, 2021, the former Manager exercised 1,048,652 options at a weighted average strike price of $1.00 resulting in common shares issued of 736,551.
Summary of changes in RSUs
The following is a summary of the changes in the Company’s RSUs for the three months ended March 31, 2021.
Number of RSUs Weighted Average Grant Date Fair Value (per unit)
Balance at December 31, 2020 259,238  $ 3.72 
Vested / Released (12,538) $ 4.19 
Forfeited (11,777) $ 4.67 
Balance at March 31, 2021 234,923  $ 3.64 
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 March 31,
2021 2020
Numerator for basic and diluted earnings per share:
   Loss from continuing operations after preferred dividends $ (12,299) $ (18,757)
   Loss Applicable to Common Stockholders $ (12,299) $ (18,757)
Denominator:
Denominator for basic earnings per share - weighted average shares 82,558,881  67,069,534 
Effect of dilutive securities
  Options —  — 
  RSUs —  — 
Denominator for diluted earnings per share - adjusted weighted average shares 82,558,881  67,069,534 
Basic earnings per share:
Loss from continuing operations per share of common stock after preferred dividends $ (0.15) $ (0.28)
Loss Applicable to Common Stock, per share $ (0.15) $ (0.28)
Diluted earnings per share:
Loss from continuing operations per share of common stock after preferred dividends $ (0.15) $ (0.28)
Loss Applicable to Common Stock, per share $ (0.15) $ (0.28)