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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands except per share amounts) |
2020 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
71,059 |
|
|
$ |
(33,589) |
|
|
$ |
(17,836) |
|
|
|
|
|
|
|
Less: Income allocated to participating securities |
— |
|
|
— |
|
|
(45) |
|
|
|
|
|
|
|
Less: Earnings attributable to non-controlling interests |
(45,398) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
Net income (loss) attributable to stockholders of Priority Technology Holdings, Inc. |
$ |
25,661
|
|
|
$ |
(33,589) |
|
|
$ |
(17,881) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common stock shares outstanding |
67,158 |
|
|
67,086 |
|
|
61,607 |
|
|
|
|
|
|
|
Basic earnings (loss) per common share |
$ |
0.38
|
|
|
$ |
(0.50) |
|
|
$ |
(0.29) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common stock shares outstanding |
67,158 |
|
|
67,086 |
|
|
61,607 |
|
|
|
|
|
|
|
Weighted-average dilutive common shares outstanding |
105 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
Weighted-average common shares for fully-diluted earnings (loss) per share |
67,263 |
|
|
67,086 |
|
|
61,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully-diluted earnings (loss) per common share |
$ |
0.38
|
|
|
$ |
(0.50) |
|
|
$ |
(0.29) |
|
|
|
|
|
|
|
Anti-dilutive securities that were excluded from earnings (loss) per common share that could potentially be dilutive in future periods are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
|
(in thousands) |
2020 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options (1) |
1,506 |
|
|
1,711 |
|
|
2,091 |
|
|
|
|
|
Restricted stock units (1) |
280 |
|
|
125 |
|
|
202 |
|
|
|
|
|
Liability-classified restricted stock units (1) |
107 |
|
|
— |
|
|
— |
|
|
|
|
|
Earnout incentive awards subject to vesting (2) |
— |
|
|
— |
|
|
95 |
|
|
|
|
|
Warrants on common stock (3) |
3,556 |
|
|
3,556 |
|
|
5,731 |
|
|
|
|
|
Options and warrants issued to underwriter (3) |
600 |
|
|
600 |
|
|
600 |
|
|
|
|
|
Earnout incentive awards subject to issuance (2) |
— |
|
|
— |
|
|
9,705 |
|
|
|
|
|
Total |
6,049 |
|
|
5,992 |
|
|
18,424 |
|
|
|
|
|
(2) Plan expired on December 31, 2019 with no shares issued.
|