| Schedule of Earnings Per Share, Basic and Diluted |
Earnings (loss) per common share (“EPS”) and common shares used to calculate basic and diluted EPS consist of the following (amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
2017 |
|
2016 |
|
Class A |
|
Class B |
|
Class A |
|
Class B |
Basic net income (loss) per share: |
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
Net income (loss) available to common stockholders |
$ |
(7,957 |
) |
|
(774 |
) |
|
7,266 |
|
|
677 |
|
Less: Undistributed net income allocable to participating securities |
— |
|
|
— |
|
|
(386 |
) |
|
— |
|
Undistributed net income (loss) allocable to common stockholders |
(7,957 |
) |
|
(774 |
) |
|
6,880 |
|
|
677 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
31,374 |
|
|
3,052 |
|
|
32,033 |
|
|
3,154 |
|
Basic net income (loss) attributable to GCI common stockholders per common share |
$ |
(0.25 |
) |
|
(0.25 |
) |
|
0.21 |
|
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
2017 |
|
2016 |
|
Class A |
|
Class B |
|
Class A |
|
Class B |
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
Undistributed net income (loss) allocable to common stockholders for basic computation |
$ |
(7,957 |
) |
|
(774 |
) |
|
6,880 |
|
|
677 |
|
Reallocation of undistributed earnings (loss) as a result of conversion of Class B to Class A shares |
(774 |
) |
|
— |
|
|
677 |
|
|
— |
|
Reallocation of undistributed earnings as a result of conversion of dilutive securities |
— |
|
|
— |
|
|
141 |
|
|
(247 |
) |
Effect of derivative instrument that may be settled in cash or shares |
— |
|
|
— |
|
|
(2,827 |
) |
|
— |
|
Effect of share based compensation that may be settled in cash or shares |
— |
|
|
— |
|
|
(32 |
) |
|
— |
|
Undistributed net income (loss) adjusted for allocation of undistributed earnings (loss) and effect of contracts that may be settled in cash or shares |
$ |
(8,731 |
) |
|
(774 |
) |
|
4,839 |
|
|
430 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
Number of shares used in basic computation |
31,374 |
|
|
3,052 |
|
|
32,033 |
|
|
3,154 |
|
Conversion of Class B to Class A common shares outstanding |
3,052 |
|
|
— |
|
|
3,154 |
|
|
— |
|
Effect of derivative instrument that may be settled in cash or shares |
— |
|
|
— |
|
|
264 |
|
|
— |
|
Unexercised stock options |
— |
|
|
— |
|
|
1 |
|
|
— |
|
Effect of share based compensation that may be settled in cash or shares |
— |
|
|
— |
|
|
26 |
|
|
— |
|
Number of shares used in per share computation |
34,426 |
|
|
3,052 |
|
|
35,478 |
|
|
3,154 |
|
Diluted net income (loss) attributable to GCI common stockholders per common share |
$ |
(0.25 |
) |
|
(0.25 |
) |
|
0.14 |
|
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
Class A |
|
Class B |
|
Class A |
|
Class B |
Basic net income (loss) per share: |
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
Net income (loss) available to common stockholders |
$ |
(66,197 |
) |
|
(6,545 |
) |
|
11,422 |
|
|
1,035 |
|
Less: Undistributed net income allocable to participating securities |
— |
|
|
— |
|
|
(588 |
) |
|
— |
|
Undistributed net income (loss) allocable to common stockholders |
(66,197 |
) |
|
(6,545 |
) |
|
10,834 |
|
|
1,035 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
31,291 |
|
|
3,094 |
|
|
33,008 |
|
|
3,154 |
|
Basic net income (loss) attributable to GCI common stockholders per common share |
$ |
(2.12 |
) |
|
(2.12 |
) |
|
0.33 |
|
|
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
Class A |
|
Class B |
|
Class A |
|
Class B |
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
Undistributed net income (loss) allocable to common stockholders for basic computation |
$ |
(66,197 |
) |
|
(6,545 |
) |
|
10,834 |
|
|
1,035 |
|
Reallocation of undistributed earnings (loss) as a result of conversion of Class B to Class A shares |
(6,545 |
) |
|
— |
|
|
1,035 |
|
|
— |
|
Reallocation of undistributed earnings as a result of conversion of dilutive securities |
— |
|
|
— |
|
|
447 |
|
|
(787 |
) |
Effect of derivative instrument that may be settled in cash or shares |
— |
|
|
— |
|
|
(9,327 |
) |
|
— |
|
Effect of share based compensation that may be settled in cash or shares |
— |
|
|
— |
|
|
(93 |
) |
|
— |
|
Undistributed net income (loss) adjusted for allocation of undistributed earnings (loss) and effect of contracts that may be settled in cash or shares |
$ |
(72,742 |
) |
|
(6,545 |
) |
|
2,896 |
|
|
248 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
Number of shares used in basic computation |
31,291 |
|
|
3,094 |
|
|
33,008 |
|
|
3,154 |
|
Conversion of Class B to Class A common shares outstanding |
3,094 |
|
|
— |
|
|
3,154 |
|
|
— |
|
Effect of derivative instrument that may be settled in cash or shares |
— |
|
|
— |
|
|
602 |
|
|
— |
|
Unexercised stock options |
— |
|
|
— |
|
|
3 |
|
|
— |
|
Effect of share based compensation that may be settled in cash or shares |
— |
|
|
— |
|
|
26 |
|
|
— |
|
Number of shares used in per share computation |
34,385 |
|
|
3,094 |
|
|
36,793 |
|
|
3,154 |
|
Diluted net income (loss) attributable to GCI common stockholders per common share |
$ |
(2.12 |
) |
|
(2.12 |
) |
|
0.08 |
|
|
0.08 |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Weighted average shares associated with outstanding securities for the three and nine months ended September 30, 2017 and 2016, which have been excluded from the computations of diluted EPS, because the effect of including these securities would have been anti-dilutive, consist of the following (shares, in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Derivative instrument that may be settled in cash or shares, the effect of which is anti-dilutive |
2,045 |
|
|
— |
|
|
1,797 |
|
|
— |
|
Share-based compensation that may be settled in cash or shares, the effect of which is anti-dilutive |
26 |
|
|
— |
|
|
26 |
|
|
— |
|
Shares associated with anti-dilutive unexercised stock options |
1 |
|
|
— |
|
|
1 |
|
|
— |
|
Total excluded |
2,072 |
|
|
— |
|
|
1,824 |
|
|
— |
|
|