Priority Technology Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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17. Earnings (Loss) per Common Share
- Earnings (Loss) per Common Share
The following tables set forth the computation of the Company's basic and diluted earnings (loss) per common share:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands except per share amounts) | 2024 | 2023 | 2024 | 2023 |
| Numerator: | ||||
| Net income (loss) | $10,608 | $(87) | $16,795 | $(1,205) |
| Less: Dividends and accretion attributable to redeemable senior preferred stockholders | (5,121) | (12,192) | (36,348) | (35,252) |
| Less: Return on redeemable NCI in consolidated subsidiary | — | — | (639) | — |
| Net loss attributable to common stockholders | $5,487 | $(12,279) | $(20,192) | $(36,457) |
| Weighted average shares outstanding | 77,973 | 78,381 | 77,910 | 78,270 |
| Effect of dilutive potential common shares | 2,122 | — | — | — |
| Adjusted Weighted average shares outstanding | 80,095 | 78,381 | 77,910 | 78,270 |
| Basic Earnings (loss) per common share | $0.07 | $(0.16) | $(0.26) | $(0.47) |
| Diluted Earnings (loss) per share | $0.07 | $(0.16) | $(0.26) | $(0.47) |
(1)The weighted-average common shares outstanding includes 1,803,841 warrants (refer to Note 9. Redeemable Senior Preferred Stock and Warrants).
For the three months ended September 30, 2024, the Company had 2.1 million dilutive securities that were included in the Company's diluted earnings per share. For the nine months ended September 30, 2024 and three and nine months ended September 30, 2023, all potentially dilutive securities were anti-dilutive, so diluted net loss per share was equivalent to basic net loss per share. Potentially anti-dilutive securities that were excluded from the Company's earnings (loss) per common share are as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Outstanding warrants on Common Stock(1) | — | — | — | — |
| Outstanding options and warrants issued to adviser(2) | — | — | — | — |
| Restricted stock awards(3) | 42 | 1,109 | 788 | 1,297 |
| Outstanding stock option awards(3) | 855 | 918 | 865 | 909 |
| Total | 897 | 2,027 | 1,653 | 2,206 |
(1)The warrants were issued in 2018 and were exercisable at $11.50 per share. These warrants expired on August 24, 2023.
(2)The warrants were issued in 2018 and were exercisable at $12.00 per share. These warrants expired on August 24, 2023.
(3)Granted under the 2018 Plan.
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