| Schedule of Earnings Per Unit |
Accordingly, for the year ended December 31, 2015 and 2014, there was no difference between common stock basic and diluted earnings per share because the conversion of common units into common shares did not impact the number of common shares on a fully-converted basis.
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Year Ended December 31, |
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Weighted Average Shares Outstanding |
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Share Issuance at IPO (a)
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Conversion |
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Weighted Average Units Outstanding |
2016 |
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31,500,000 |
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1,500,000 |
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(30,000,000 |
) |
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30,000,000 |
|
2015 |
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30,000,000 |
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— |
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(30,000,000 |
) |
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30,000,000 |
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2014 |
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21,056,073 |
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— |
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(21,056,073 |
) |
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21,056,073 |
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(a) |
Weighted average of 7,500,000 shares issued from the closing date of the IPO on October 19, 2016 to December 31, 2016.
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Year Ended December 31, |
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2016 |
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2015 |
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2014 |
Basic loss per share: |
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Allocation of earnings: |
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Net loss |
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$ |
(88,407,995 |
) |
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$ |
(27,231,414 |
) |
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$ |
(2,010,548 |
) |
Weighted average common shares outstanding |
|
31,500,000 |
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|
30,000,000 |
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|
21,056,073 |
|
Basic loss per share |
|
$ |
(2.81 |
) |
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$ |
(0.91 |
) |
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$ |
(0.10 |
) |
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Diluted loss per share: |
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Allocation of earnings: |
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Net loss |
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$ |
(88,407,995 |
) |
|
$ |
(27,231,414 |
) |
|
$ |
(2,010,548 |
) |
Weighted average common shares, including dilutive effect (a)
|
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31,500,000 |
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30,000,000 |
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21,056,073 |
|
Diluted loss per share |
|
$ |
(2.81 |
) |
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$ |
(0.91 |
) |
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$ |
(0.10 |
) |
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(a) |
No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidulitive under the treasury stock method. |
Basic net loss per common unit is calculated by dividing net loss by the weighted-average number of common units outstanding during the period. Although the units were not issued until November 24, 2014, units issued for common control entities have been calculated based on the weighted average units outstanding as if they were outstanding from the beginning of the periods presented, in conjunction with the treatment of common control entities.
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Year Ended December 31, |
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2015 |
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2014 |
Net loss |
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$ |
(27,231,414 |
) |
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$ |
(2,010,548 |
) |
Net loss per limited partner unit |
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(0.91 |
) |
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(0.10 |
) |
Weighted-average common units outstanding |
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30,000,000 |
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21,056,073 |
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Year Ended December 31, |
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2016 |
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2015 |
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2014 |
Pro Forma C Corporation Data (unaudited): |
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Net loss, as reported |
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$ |
(88,407,995 |
) |
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$ |
(27,231,414 |
) |
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$ |
(2,010,548 |
) |
Taxes on income earned as a non-taxable entity (Note 9) |
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13,750,827 |
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2,469,030 |
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(5,207,628 |
) |
Taxes due to change to C corporation (Note 9) |
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53,088,861 |
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— |
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— |
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Pro forma net loss |
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$ |
(21,568,307 |
) |
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$ |
(24,762,384 |
) |
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$ |
(7,218,176 |
) |
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Basic loss per share: |
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Allocation of earnings: |
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Net loss |
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$ |
(21,568,307 |
) |
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$ |
(24,762,384 |
) |
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$ |
(7,218,176 |
) |
Weighted average common shares outstanding |
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37,500,000 |
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37,500,000 |
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21,056,073 |
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Basic loss per share |
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$ |
(0.58 |
) |
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$ |
(0.66 |
) |
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$ |
(0.34 |
) |
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Diluted loss per share: |
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Allocation of earnings: |
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Net loss |
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$ |
(21,568,307 |
) |
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$ |
(24,762,384 |
) |
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$ |
(7,218,176 |
) |
Weighted average common shares, including dilutive effect (a)
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37,500,000 |
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37,500,000 |
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21,056,073 |
|
Diluted loss per share |
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$ |
(0.58 |
) |
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$ |
(0.66 |
) |
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$ |
(0.34 |
) |
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(a) |
No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidulitive under the treasury stock method.
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