Quarterly report pursuant to Section 13 or 15(d)

EQUITY AND EARNINGS PER SHARE (Tables)

v3.21.2
EQUITY AND EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 (1,353,184) 1.00 
Balance at September 30, 2021 3,582,548  $ 3.17  1.88
Exercisable at September 30, 2021 2,578,926  $ 3.24  1.94
Schedule of outstanding options summary
As of September 30, 2021, the Company’s outstanding options were summarized as follows:
Number of Options
Held by a former Manager 2,578,593 
Issued to a former Manager and subsequently transferred to certain of that Manager’s employees (A) 1,003,622 
Issued to the independent directors 333 
Total 3,582,548 
Weighted average strike price $ 3.17 

(A)The Company and a former manager (the "Manager") agreed that options held by certain employees formerly employed by that 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. For the nine months ended September 30, 2021, the former Manager exercised 1,353,184 options at a weighted average strike price of $1.00 resulting in common shares issued of 916,783.
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, 2021.
Number of RSUs Weighted Average Grant Date Fair Value (per unit)
Balance at December 31, 2020 259,238  $ 3.72 
Vested / Released (68,251) $ 4.60 
Forfeited (53,002) $ 3.74 
Balance at September 30, 2021 137,985  $ 3.27 
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 September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Numerator for basic and diluted earnings per share:
   Loss Applicable to Common Stockholders $ (10,246) $ (10,807) $ (25,909) $ (70,485)
Denominator:
Denominator for basic earnings per share - weighted average shares 92,085,846  67,212,532  88,938,344  67,131,827 
Effect of dilutive securities
  Options —  —  —  — 
  RSUs —  —  —  — 
Denominator for diluted earnings per share - adjusted weighted average shares 92,085,846  67,212,532  88,938,344  67,131,827 
Basic earnings per share:
Loss from continuing operations per share of common stock after preferred dividends $ (0.11) $ (0.16) $ (0.29) $ (1.05)
Loss Applicable to Common Stock, per share $ (0.11) $ (0.16) $ (0.29) $ (1.05)
Diluted earnings per share:
Loss from continuing operations per share of common stock after preferred dividends $ (0.11) $ (0.16) $ (0.29) $ (1.05)
Loss Applicable to Common Stock, per share $ (0.11) $ (0.16) $ (0.29) $ (1.05)