Annual report pursuant to Section 13 and 15(d)

Stockholder's Equity and Earnings (Loss) Per Share

v3.19.1
Stockholder's Equity and Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Stockholder's Equity and Earnings (Loss) Per Share
Earnings (Loss) Per Share
Common Stock Offering

On October 14, 2016, Mammoth Inc.’s common stock began trading on The Nasdaq Global Select Market under the symbol “TUSK.” On October 19, 2016, the Company closed the IPO of 7,750,000 shares of common stock at $15.00 per share. Net proceeds to Mammoth Inc. from its sale of 7,500,000 shares of common stock were approximately $103.1 million.

The authorized capital stock of the Company consists of 200 million shares of common stock, par value $0.01 per share.

Dividends

On July 16, 2018, the Company initiated a quarterly dividend policy. The table below summarized the dividends paid on the Company's common stock.

 
Per Share
 
Total
2018
 
 
(in thousands)
Paid on August 14, 2018
$
0.125

 
$
5,595

Paid on November 15, 2018
0.125

 
5,606

Total cash dividends
$
0.25

 
$
11,201



On January 28, 2018, the Company's board of Directors declared a quarterly cash dividend of $0.125 per share of common stock, which was paid on February 14, 2018 to stockholders of record as of the close of business on February 7, 2019. The total dividend paid was $5.6 million. The Company's board of directors’ determination with respect to any future dividends will depend upon the Company's profitability and financial condition, contractual restrictions, restrictions imposed by applicable law and other factors that the board deems relevant at the time of such determination. Based on its evaluation of these factors, the board of directors may determine not to declare a dividend, or declare dividends at rates that are less than currently anticipated.

Earnings (Loss) Per Share

The number of common shares outstanding on a fully-converted basis was the same before and after any conversion of our owner units. Each time one common share was issued upon conversion of investor units, the number of common shares went up by one, and the number of common units outstanding that were convertible went down by one.
Year Ended December 31,
 
Weighted Average Shares Outstanding
 
Share Issuance at IPO (a)
 
Conversion
 
Weighted Average Units Outstanding
2016
 
31,500,000

 
1,500,000

 
(30,000,000
)
 
30,000,000

a.
Weighted average of 7,500,000 shares issued from the closing date of the IPO on October 19, 2016 to December 31, 2016.
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
 
(in thousands, except per share data)
Basic earnings (loss) per share:
 
 
 
 
 
 
Allocation of earnings:
 
 
 
 
 
 
Net income (loss)
 
$
235,965

 
$
58,964

 
$
(92,453
)
Weighted average common shares outstanding
 
44,750

 
41,548

 
31,500

Basic earnings (loss) per share
 
$
5.27

 
$
1.42

 
$
(2.94
)
 
 
 
 
 
 
 
Diluted earnings (loss) per share:
 
 
 
 
 
 
Allocation of earnings:
 
 
 
 
 
 
Net income (loss)
 
$
235,965

 
$
58,964

 
$
(92,453
)
Weighted average common shares, including dilutive effect (a)
 
45,021

 
41,639

 
31,500

Diluted earnings (loss) per share
 
$
5.24

 
$
1.42

 
$
(2.94
)
a.
No incremental shares of potentially dilutive restricted stock awards were included for the year ended December 31, 2016 as their effect was antidilutive under the treasury stock method.

Unaudited Pro Forma Loss Per Share

The Company’s pro forma basic loss per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued upon the conversion to Mammoth Inc. were outstanding for the entire year. A reconciliation of the components of pro forma basic and diluted loss per common share is presented in the table below:
 
 
Year Ended
 
 
December 31, 2016
 
 
(in thousands, except per share data)
Pro Forma C Corporation Data (unaudited):
 
 
Net loss, as reported
 
$
(92,453
)
Taxes on income earned as a non-taxable entity (Note 15)
 
15,224

Taxes due to change to C corporation (Note 15)
 
53,089

Pro forma net loss
 
$
(24,140
)
 
 
 
Basic loss per share:
 
 
Allocation of earnings:
 
 
Net loss
 
$
(24,140
)
Weighted average common shares outstanding
 
43,107

Basic loss per share
 
$
(0.56
)
 
 
 
Diluted loss per share:
 
 
Allocation of earnings:
 
 
Net loss
 
$
(24,140
)
Weighted average common shares, including dilutive effect (a)
 
43,107

Diluted loss per share
 
$
(0.56
)
a.
No incremental shares of potentially dilutive restricted stock awards were included as their effect was antidilutive under the treasury stock method.

Pro forma basic and diluted loss per share has been computed by dividing pro forma net loss attributable to the Company by the number of shares of common stock determined as if the shares of common stock issued were outstanding for all periods presented. Management believes that these assumptions provide a reasonable basis for presenting the pro forma effects.