| Earnings (Loss) Per Common Share |
EARNINGS (LOSS) PER COMMON SHARE As a result of the Recapitalization, the Company has retrospectively adjusted the weighted-average Class A units outstanding prior to July 25, 2018 by multiplying them by the exchange ratio used to determine the number of Class A common stock into which they converted.
The following tables set forth the computation of the Company's earnings (loss) per common share:
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Year Ended December 31, |
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| (in thousands except per share amounts) |
2020 |
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2019 |
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2018 |
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| Numerator: |
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| Net income (loss) |
$ |
71,059 |
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$ |
(33,589) |
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$ |
(17,836) |
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| Less: Income allocated to participating securities |
— |
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— |
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(45) |
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| Less: Earnings attributable to non-controlling interests |
(45,398) |
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— |
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— |
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| Net income (loss) attributable to stockholders of Priority Technology Holdings, Inc. |
$ |
25,661
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$ |
(33,589) |
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$ |
(17,881) |
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| Basic: |
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| Weighted-average common stock shares outstanding |
67,158 |
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67,086 |
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61,607 |
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| Basic earnings (loss) per common share |
$ |
0.38
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$ |
(0.50) |
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$ |
(0.29) |
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| Fully Diluted: |
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| Weighted-average common stock shares outstanding |
67,158 |
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67,086 |
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61,607 |
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| Weighted-average dilutive common shares outstanding |
105 |
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— |
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— |
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| Weighted-average common shares for fully-diluted earnings (loss) per share |
67,263 |
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67,086 |
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61,607 |
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| Fully-diluted earnings (loss) per common share |
$ |
0.38
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$ |
(0.50) |
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$ |
(0.29) |
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Anti-dilutive securities that were excluded from earnings (loss) per common share that could potentially be dilutive in future periods are as follows:
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As of December 31, |
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| (in thousands) |
2020 |
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2019 |
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2018 |
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| Stock options (1) |
1,506 |
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1,711 |
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2,091 |
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| Restricted stock units (1) |
280 |
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125 |
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202 |
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| Liability-classified restricted stock units (1) |
107 |
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— |
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— |
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| Earnout incentive awards subject to vesting (2) |
— |
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— |
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95 |
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| Warrants on common stock (3) |
3,556 |
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3,556 |
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5,731 |
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| Options and warrants issued to underwriter (3) |
600 |
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600 |
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600 |
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| Earnout incentive awards subject to issuance (2) |
— |
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— |
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9,705 |
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| Total |
6,049 |
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5,992 |
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18,424 |
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(2) Plan expired on December 31, 2019 with no shares issued.
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