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SEC Filings

10-Q
FORTERRA, INC. filed this Form 10-Q on 11/09/2017
Entire Document
 
FORTERRA, INC.
Notes to Unaudited Condensed Consolidated Financial Statements



15. Earnings per share

Basic earnings per share (EPS) is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Potentially dilutive securities include employee stock options and shares of restricted stock. Diluted EPS reflects the assumed exercise, vesting or conversion of all dilutive securities.

For purposes of calculating earnings (loss) per share, weighted average shares prior to the Reorganization have been retroactively adjusted to give effect to Stock Split and the Reorganization for all historical periods presented in the financial statements. The computations of earnings (loss) per share for periods prior to the IPO do not include the shares issued in connection with the IPO.

The calculations of the basic and diluted EPS for the three and nine months ended September 30, 2017 and 2016 are presented below (in thousands, except per share amounts):

 
For the three months ended September 30,
 
For the nine months ended September 30,
 
2017
2016
 
2017
2016
Income (loss) from continuing operations
$
(11,502
)
$
4,368

 
$
(45,218
)
$
34,052

Discontinued operations, net of tax

4,000

 

7,069

Net Income (loss)
$
(11,502
)
$
8,368

 
$
(45,218
)
$
41,121

 
 
 
 
 
 
Common stock:
 
 
 
 
 
Weighted average basic shares outstanding
63,799

45,369

 
63,794

45,369

Effect of dilutive securities


 


Weighted average diluted shares outstanding
63,799

45,369

 
63,794

45,369

 
 
 
 
 
 
Basic earnings (loss) per share:
 
 
 
 
 
Income (loss) from continuing operations
$
(0.18
)
$
0.10

 
$
(0.71
)
$
0.75

Income from discontinued operations, net of taxes
$

$
0.09

 
$

$
0.16

Net income (loss)
$
(0.18
)
$
0.19

 
$
(0.71
)
$
0.91

Diluted earnings (loss) per share:
 
 
 
 
 
Income (loss) from continuing operations
$
(0.18
)
$
0.10

 
$
(0.71
)
$
0.75

Income from discontinued operations, net of taxes
$

$
0.09

 
$

$
0.16

Net income (loss)
$
(0.18
)
$
0.19

 
$
(0.71
)
$
0.91


        
16. Stock-based plans

2016 Stock Incentive Plan

Forterra has one equity compensation plan under which it has granted stock awards, the Forterra, Inc. 2016 Stock Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan became effective October 19, 2016, upon the approval of the Company's then-sole equity-holder, and serves as the umbrella plan for the Company’s stock-based and cash-based incentive compensation programs for its directors, officers and other eligible employees. The aggregate number of shares of common stock that may be issued under the 2016 Incentive Plan may not exceed 5,000,000 shares.

Effective October 19, 2016, the board of directors granted employees and independent directors 361,590 options to purchase shares of common stock at an exercise price of $18.00 per share and 136,900 shares of

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