17. Loss per share
As of December 31, 2017, the Company has one category of shares, which are common shares. As of December 31, 2016 and 2015, the Company’s shares were comprised of ordinary shares, consisting of both common shares and non-voting shares, and series A and series B preferred shares. The Company’s non-voting shares and series A and series B preferred shares were converted into common shares upon the closing of the IPO on January 25, 2017.
For the years ended December 31, 2016 and 2015, as the series A and series B preferred shares participated with ordinary shares in the profit or loss on a pro-rata basis, the net loss was allocated to each class pro-rata to their weighted average number of shares outstanding during the period.
The basic loss per share is calculated by dividing the loss of the period attributable to the ordinary shares by the weighted average number of ordinary shares (common and non-voting) outstanding during the period as follows:
|
|
|
Year ended December 31, 2017 |
|
|
|
Common shares |
|
Net loss attributable to shareholders(in USD ‘000) |
|
(66,926) |
|
Weighted average number of shares outstanding |
|
29,799,047 |
|
Basic and diluted loss per share (in USD) |
|
(2.25) |
|
|
|
Year ended December 31, 2016 |
|
|||||||||
|
|
|
Preferred B shares |
|
|
Preferred A shares |
|
|
Common and non-voting shares |
|
|||
|
Net loss attributable to shareholders (in USD ‘000) |
|
|
(15,516 |
) |
|
|
(10,910 |
) |
|
|
(3,776 |
) |
|
Weighted average number of shares outstanding |
|
|
11,079,549 |
|
|
|
7,790,475 |
|
|
|
2,695,898 |
|
|
Basic and diluted loss per share (in USD) |
|
|
(1.40 |
) |
|
|
(1.40 |
) |
|
|
(1.40 |
) |
|
|
|
Year ended December 31, 2015 |
|
|||||||||
|
|
|
Preferred B shares |
|
|
Preferred A shares |
|
|
Common and non-voting shares |
|
|||
|
Net loss attributable to shareholders (in USD ‘000) |
|
|
(2,380 |
) |
|
|
(14,384 |
) |
|
|
(3,102 |
) |
|
Weighted average number of shares outstanding |
|
|
1,274,910 |
|
|
|
7,706,777 |
|
|
|
1,661,231 |
|
|
Basic and diluted loss per share (in USD) |
|
|
(1.87 |
) |
|
|
(1.87 |
) |
|
|
(1.87 |
) |
For the year ended December 31, 2017, 778,134 non-vested shares, 10,183 treasury shares and 1,866,740 shares issuable upon the exercise of stock-options, which would have an anti-dilutive impact on the calculation of the diluted earnings per share, were excluded from the calculation. For the year ended December 31, 2016, 1,237,662 non-vested shares, 5,200 treasury shares and no shares issuable upon the exercise of stock-options were excluded. For the year ended December 31, 2015, 623,145 non-vested shares, 80,353 treasury shares and no shares issuable upon the exercise of stock-options were excluded.