Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

v3.22.1
Earnings (Loss) Per Share
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

NOTE 15 – EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional Class A common shares that could have been outstanding assuming the exercise of stock options and warrants, conversion of Series A and Series B preferred stock, conversion of Class B common stock, vesting of restricted shares of Class A common stock, conversion of Convertible Senior Notes and issuance of Class A common stock associated with the deferred stock units and certain performance awards.

Basic and diluted net income (loss) per share excludes the income (loss) attributable to and shares associated with the 459,909 shares of Class A common stock that are subject to cancellation on November 9, 2024 if certain market conditions have not been met. The Company has included in the calculation accrued dividends on Series A and Series B preferred stock and related deemed and imputed dividends.

The following table sets forth the calculation of basic and diluted earnings (loss) per share for the periods indicated based on the weighted average number of shares of Class A common stock outstanding:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Basic net income (loss) per share

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

Net loss attributable to U.S. Well Services, Inc.

 

$

(70,605

)

 

$

(229,340

)

Net loss attributable to cancellable Class A common stock

 

 

988

 

 

 

5,560

 

Basic net loss attributable to U.S. Well Services, Inc. shareholders

 

 

(69,617

)

 

 

(223,780

)

Dividends accrued on Series A preferred stock

 

 

(5,857

)

 

 

(7,214

)

Dividends accrued on Series B preferred stock

 

 

(4,591

)

 

 

(2,049

)

Deemed and imputed dividends on Series A preferred stock

 

 

(750

)

 

 

(13,022

)

Deemed and imputed dividends on Series B preferred stock

 

 

(7,178

)

 

 

(564

)

Exchange of Series A preferred stock for Convertible Senior Notes

 

 

8,936

 

 

 

-

 

Basic net loss attributable to U.S. Well Services, Inc. common shareholders

 

$

(79,057

)

 

$

(246,629

)

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average shares outstanding

 

 

32,853,855

 

 

 

18,971,692

 

Cancellable Class A common stock

 

 

(459,909

)

 

 

(459,909

)

Basic and diluted weighted average shares outstanding

 

 

32,393,946

 

 

 

18,511,783

 

Basic and diluted net loss per share attributable to Class A common shareholders

 

$

(2.44

)

 

$

(13.32

)

A summary of securities excluded from the computation of diluted earnings per share is presented below for the applicable periods:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Dilutive earnings per share:

 

 

 

 

 

 

Anti-dilutive stock options

 

 

250,649

 

 

 

250,649

 

Anti-dilutive warrants

 

 

4,515,980

 

 

 

4,122,328

 

Anti-dilutive restricted stock

 

 

388,886

 

 

 

414,082

 

Anti-dilutive deferred stock units

 

 

2,052,474

 

 

 

2,546,245

 

Anti-dilutive shares from Pool B Awards

 

 

3,387,218

 

 

 

2,897,855

 

Anti-dilutive Class B common stock convertible into Class A common stock

 

 

-

 

 

 

657,982

 

Anti-dilutive Series A preferred stock convertible into Class A common stock

 

 

1,168,297

 

 

 

2,588,050

 

Anti-dilutive Series B preferred stock convertible into Class A common stock

 

 

-

 

 

 

22,355,922

 

Anti-dilutive Convertible Senior Notes convertible into Class A common stock

 

 

28,056,027

 

 

 

-

 

Potentially dilutive securities excluded as anti-dilutive

 

 

39,819,531

 

 

 

35,833,113