Tronox Limited Just Filed Its Quarterly Report: 6.Income (Loss) Per ...

6.
Income (Loss) Per Share

The computation of basic and diluted income (loss) per share for the periods indicated is as follows:

  
Three Months Ended
September 30,
  
Nine Months Ended
September 30,
 
  
2018
  
2017
  
2018
  
2017
 
Numerator – Basic and Diluted:
            
Net income (loss) from continuing operations
 
$
15
  
$
(28
)
 
$
24
  
$
(95
)
Less: Net income from continuing operations attributable to noncontrolling interest
  
9
   
6
   
26
   
11
 
Undistributed net income (loss) from continuing operations attributable to ordinary shares
  
6
   
(34
)
  
(2
)
  
(106
)
Net loss from discontinued operations available to ordinary shares
  
   
(213
)
  
   
(179
)
Net income (loss) available to ordinary shares
 
$
6
  
$
(247
)
 
$
(2
)
 
$
(285
)
                 
Denominator – Basic and Diluted:                
Weighted-average ordinary shares, basic (in thousands)
  
123,121
   
119,405
   
122,850
   
118,908
 
Weighted-average ordinary shares, diluted (in thousands)
  
126,302
   
119,405
   
122,850
   
118.908
 
Basic net income (loss) per Ordinary Share:
                
Basic net income (loss) from continuing operations per ordinary share
  
0.05
   
(0.28
)
  
(0.01
)
  
(0.89
)
Basic net loss from discontinued operations per ordinary share
  
   
(1.79
)
  
   
(1.51
)
Basic net income (loss) per ordinary share
 
$
0.05
  
$
(2.07
)
 
$
(0.01
)
 
$
(2.40
)
                 
Diluted net income (loss) per Ordinary Share:
                
Diluted net income (loss) from continuing operations per ordinary share
  
0.05
   
(0.28
)
  
(0.01
)
  
(0.89
)
Diluted net loss from discontinued operations per ordinary share
  
   
(1.79
)
  
   
(1.51
)
Diluted net income (loss) per ordinary share
 
$
0.05
  
$
(2.07
)
 
$
(0.01
)
 
$
(2.40
)

Net income (loss) per ordinary share amounts were calculated from exact, not rounded net income (loss) and share information. We have issued shares of restricted stock which are participating securities that do not have a contractual obligation to share in losses; therefore, when we have a net loss, none of the loss is allocated to participating securities. Consequently, for the nine months ended September 30, 2018 and for the three and nine months ended 2017, the two-class method did not have an effect on our net income (loss) per ordinary share calculation, and as such, dividends paid during these periods did not impact this calculation. During the three months ended September 30, 2018, the percentage of undistributed net income from continuing operations attributable to the participating securities was insignificant.

In computing diluted net income (loss) per share under the two-class method, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net income (loss) per share calculation for the three and nine months ended September 30, 2018 and 2017 were as follows:

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
Shares
 
Shares
 
 
2018
 
2017
 
2018
 
2017
 
Options
  
1,324,991
   
1,827,354
   
1,324,991
   
1,827,354
 
Series A Warrants
  
   
960,371
   
   
960,371
 
Series B Warrants
  
   
1,009,283
   
   
1,009,283
 
Restricted share units
  
2,107,664
   
5,548,071
   
5,289,161
   
5,548,071
 

Series A Warrants were converted into Class A ordinary shares at September 30, 2017 using a rate of 6.02. Series B Warrants were converted into Class A ordinary shares at September 30, 2017 using a rate of 6.03. The Series A Warrants and Series B Warrants expired on February 14, 2018.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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