Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Share

v3.20.2
Earnings (Loss) Per Share
9 Months Ended
Sep. 30, 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 and vesting of restricted shares of Class A common stock.

Basic and diluted net income (loss) per share excludes the income (loss) attributable to and shares associated with the 1,609,677 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 deemed dividends resulting from the amortization of discounts related to the Series A preferred stock.

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

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Basic Net Income (Loss) Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to U.S. Well

   Services, Inc.

 

$

(15,937

)

 

$

(16,969

)

 

$

(206,441

)

 

$

(60,720

)

Net loss attributable to cancellable

   Class A common stock

 

 

376

 

 

 

527

 

 

 

5,109

 

 

 

1,924

 

Basic net loss attributable to U.S. Well

   Services, Inc. shareholders

 

 

(15,561

)

 

 

(16,442

)

 

 

(201,332

)

 

 

(58,796

)

Dividends accrued on Series A preferred stock

 

 

(1,854

)

 

 

(1,670

)

 

 

(5,450

)

 

 

(2,330

)

Dividends accrued on Series B preferred stock

 

 

(681

)

 

 

-

 

 

 

(1,347

)

 

 

-

 

Deemed and imputed dividends on Series A

   preferred stock

 

 

(467

)

 

 

(4,406

)

 

 

(11,220

)

 

 

(5,966

)

Basic net loss attributable to U.S. Well

   Services, Inc. Class A common shareholders

 

$

(18,563

)

 

$

(22,518

)

 

$

(219,349

)

 

$

(67,092

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

68,276,671

 

 

 

51,859,283

 

 

 

65,040,390

 

 

 

50,791,787

 

Cancellable Class A common stock

 

 

(1,609,677

)

 

 

(1,609,677

)

 

 

(1,609,677

)

 

 

(1,609,677

)

Basic and diluted weighted average shares

   outstanding

 

 

66,666,994

 

 

 

50,249,606

 

 

 

63,430,713

 

 

 

49,182,110

 

Basic and diluted net income (loss) per share

   attributable to Class A common shareholders

 

$

(0.28

)

 

$

(0.45

)

 

$

(3.46

)

 

$

(1.36

)

 

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

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Dilutive earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive stock options

 

 

877,266

 

 

 

1,068,162

 

 

 

877,266

 

 

 

1,068,162

 

Anti-dilutive warrants

 

 

17,147,315

 

 

 

15,680,651

 

 

 

17,147,315

 

 

 

15,680,651

 

Anti-dilutive restricted stock

 

 

1,492,161

 

 

 

2,729,496

 

 

 

1,492,161

 

 

 

2,729,496

 

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

 

 

2,302,936

 

 

 

13,775,400

 

 

 

2,302,936

 

 

 

13,775,400

 

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

 

 

9,146,254

 

 

 

8,595,172

 

 

 

9,146,254

 

 

 

8,595,172

 

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

 

 

75,966,724

 

 

 

-

 

 

 

75,966,724

 

 

 

-

 

Potentially dilutive securities excluded as anti-dilutive

 

 

106,932,656

 

 

 

41,848,881

 

 

 

106,932,656

 

 

 

41,848,881