Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

v3.20.4
Earnings (Loss) Per Share
12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

NOTE 12 – 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 common shares that could have been outstanding assuming the exercise of stock options, exercise of 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, 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 1,609,677 Class A shares that are subject to cancellation on November 9, 2024 if certain market conditions have not been met. The Company 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 for the period:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

Basic Net Income (Loss) Per Share

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

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

 

$

(235,665

)

 

$

(93,913

)

Net loss attributable to cancellable Class A shares

 

 

5,713

 

 

 

2,915

 

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

 

 

(229,952

)

 

 

(90,998

)

Dividends accrued on Series A preferred stock

 

 

(7,214

)

 

 

(4,050

)

Dividends accrued on Series B preferred stock

 

 

(2,049

)

 

 

-

 

Deemed and imputed dividends on Series A preferred stock

 

 

(11,666

)

 

 

(11,206

)

Deemed dividends on Series B preferred stock

 

 

(564

)

 

 

-

 

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

   shareholders

 

$

(251,445

)

 

$

(106,254

)

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

66,400,924

 

 

 

51,853,183

 

Cancellable Class A common stock

 

 

(1,609,677

)

 

 

(1,609,677

)

Basic and diluted weighted average shares outstanding

 

 

64,791,247

 

 

 

50,243,506

 

Basic and diluted net income (loss) per share

   attributable to Class A shareholders

 

$

(3.88

)

 

$

(2.11

)

 

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

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

Anti-dilutive stock options

 

 

877,266

 

 

 

1,068,162

 

Anti-dilutive warrants

 

 

14,428,150

 

 

 

15,680,651

 

Anti-dilutive restricted stock

 

 

1,449,287

 

 

 

2,723,637

 

Anti-dilutive deferred stock units

 

 

8,911,858

 

 

 

-

 

Anti-dilutive Pool B awards

 

 

10,142,494

 

 

 

-

 

Anti-dilutive Class B common stock convertible into Class A

   common stock

 

 

2,302,936

 

 

 

5,500,692

 

Anti-dilutive Series A preferred stock convertible into Class A

   common stock

 

 

9,058,176

 

 

 

8,853,028

 

Anti-dilutive Series B preferred stock convertible into Class A

   common stock

 

 

78,245,727

 

 

 

-

 

Potentially dilutive securities excluded as anti-dilutive

 

 

125,415,894

 

 

 

33,826,170