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Quarterly Results (Unaudited) (As Restated) (Tables)
12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information

Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2013 (in thousands, except share and per share amounts). See Note 2 — Restatement of Previously Issued Financial Statements in the Company’s Quarterly Reports on Forms 10-Q/A for the fiscal periods ended March 31, 2014 and June 30, 2014, respectively, and Form 10Q for the fiscal period ended September 30, 2014, for further discussion on the Quarterly Results as restated.

 

    Quarters Ended(1)  
   

March 31,

2013

   

June 30,

2013

    September 30,
2013
    December 31,
2013
 
    (As Restated)     (As Restated)     (As Restated)     (As Restated)  

Revenues

  $ 42,897      $ 54,945      $ 95,255      $ 136,226   

Net loss from continuing operations attributable to stockholders

    (143,864     (69,603     (80,170     (197,829

Net loss from discontinued operations attributable to stockholders

    (16     —          (31     14   
 

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Stockholders

  (143,880   (69,603   (80,201   (197,815
 

 

 

   

 

 

   

 

 

   

 

 

 

Less: dividends declared on preferred shares and RSUs

  (193   (233   (199   (3,006
 

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to the common stockholders

$ (144,073 $ (69,836 $ (80,400 $ (200,821
 

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares outstanding

  167,847,516      198,956,355      221,707,920      231,969,433   
 

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from continuing operations attributable to common stockholders (2)

$ (0.86 $ (0.35 $ (0.36 $ (0.87
 

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from discontinued operations attributable to common stockholders

$ —      $ —      $ —      $ —     
 

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share attributable to common stockholders

$ (0.86 $ (0.35 $ (0.36 $ (0.87
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) The historical financial statements have been adjusted for discontinued operations and figures have been recast in applying the carryover basis of accounting to include the effects of the merger with ARCT IV.
(2) For the year ended December 31, 2013, the total quarterly basic and diluted earnings per share were $0.03 lower than the annual basic and diluted earnings per share due to the effects of rounding.

 

The following tables present the combined impact of all changes to the applicable line items in the consolidated financial statements to the Company’s previously reported consolidated financial statements for each of the fiscal quarters in the year ended December 31, 2013, as disclosed in Note 2— Restatement of Previously Issued Financial Statements (in thousands, except share amounts):

 

    Three Months Ended March 31, 2013     Three Months Ended June 30, 2013  
    As Previously
Reported (1)
    Restatement
Adjustments (2)
    As Restated     As Previously
Reported (1)
    Restatement
Adjustments (2)
    As Restated  

Revenues

  $ 42,897      $ —        $ 42,897      $ 54,945      $ 0      $ 54,945   

Net loss from continuing operations attributable to stockholders

    (141,161     (2,703     (143,864     (71,992     2,389        (69,603

Net loss from discontinued operations attributable to stockholders

    (2     (14     (16     34        (34     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Stockholders

  (141,163   (2,717   (143,880   (71,958   2,355      (69,604
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: dividends declared on preferred shares and RSUs

  (193   —        (193   (233   —        (233
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to the common stockholders

$ (141,356 $ (2,717 $ (144,073 $ (72,191 $ 2,355    $ (69,836
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares outstanding

  167,847,516      —        167,847,516      198,956,355      —        198,956,355   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from continuing operations attributable to common stockholders

$ (0.84 $ (0.02 $ (0.86 $ (0.36 $ 0.01    $ (0.35
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from discontinued operations attributable to common stockholders

$ —      $ —      $ —      $ —      $ —      $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share attributable to common stockholders

$ (0.84 $ (0.02 $ (0.86 $ (0.36 $ 0.01    $ (0.35
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) These financial figures have been recast in applying the carryover basis of accounting to include the effects of the merger with ARCT IV.
(2) See Note 2 – Restatement of Previously Issued Financial Statements in the Company’s Quarterly Reports on Forms 10-Q/A for the fiscal periods ended March 31, 2014 and June 30, 2014, respectively, for further discussion on the restatement adjustments.

 

    Three Months Ended September 30, 2013     Three Months Ended December 31, 2013  
    As Previously
Reported (1)
    Restatement
Adjustments (2)
    As Restated     As Previously
Reported (1)
    Restatement
Adjustments
    As Restated  

Revenues

  $ 95,255      $ —        $ 95,255      $ 136,781      $ (555   $ 136,226   

Net loss from continuing operations attributable to stockholders

    (82,768     2,598        (80,170     (178,800     (19,029     (197,829

Net loss from discontinued operations attributable to stockholders

    91        (122     (31     (142     156        14   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Stockholders

  (82,677   2,476      (80,201   (178,942   (18,873   (197,815
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: dividends declared on preferred shares and RSUs

  (199   —        (199   (3,006   —        (3,006
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to the common stockholders

$ (82,876 $ 2,476    $ (80,400 $ (181,948 $ (18,873 $ (200,821
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares outstanding

  221,707,934      (14   221,707,920      231,969,433      —        231,969,433   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from continuing operations attributable to common stockholders

$ (0.37 $ 0.01    $ (0.36 $ (0.77 $ (0.10 $ (0.87
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from discontinued operations attributable to common stockholders

$ —      $ —      $ —      $ —      $ —      $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share attributable to common stockholders

$ (0.37 $ 0.01    $ (0.36 $ (0.78 $ (0.09 $ (0.87
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) These financial figures have been recast in applying the carryover basis of accounting to include the effects of the merger with ARCT IV.
(2) See Note 2 – Restatement of Previously Issued Financial Statements in the Company’s Quarterly Report on Form 10-Q for the fiscal period ended September 30, 2014 for further discussion on the restatement adjustments.

 

Presented below is a summary of the unaudited quarterly financial information for each of the fiscal quarters in the year ended December 31, 2012 (in thousands, except share and per share amounts):

 

    Quarters Ended(1)  
    March 31,
2012
    June 30,
2012
    September 30,
2012
    December 31,
2012
(As Restated)
 

Revenues

  $ 6,240      $ 11,534      $ 18,945      $ 30,488   

Net loss from continuing operations attributable to stockholders

    (4,722     (7,012     (12,768     (16,459

Net loss from discontinued operations attributable to stockholders

    (322     (77     (41     (251
 

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Stockholders

  (5,044   (7,089   (12,809   (16,710
 

 

 

   

 

 

   

 

 

   

 

 

 

Less: dividends declared on preferred shares and RSUs

  —        (70   (140   (158
 

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to the common stockholders

$ (5,044 $ (7,159 $ (12,949 $ (16,868
 

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares outstanding

  23,614,122      68,317,195      138,348,622      180,931,150   
 

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from continuing operations attributable to common stockholders

$ (0.20 $ (0.10 $ (0.09 $ (0.09
 

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from discontinued operations attributable to common stockholders

$ (0.01 $ —      $ —      $ —     
 

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share from continuing operations attributable to common stockholders

$ (0.21 $ (0.10 $ (0.09 $ (0.09
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Certain historical balances have been restated for discontinued operations.
(2) For the year ended December 31, 2012, the total quarterly basic and diluted earnings per share were $0.07 higher than the annual basic and diluted earnings per share due to the effects of rounding.

The following table presents the combined impact of all changes to the applicable line items in the consolidated financial statements to the Company’s previously issued consolidated financial statements for the quarter ended December 31, 2012, as disclosed in Note 2— Restatement of Previously Issued Financial Statements (in thousands, except share and per share amounts):

 

    Three Months Ended December 31, 2012  
    As Previously
Reported (1)
    Restatement
Adjustments (2)
    As Restated  

Revenues

  $ 30,488      $ —        $ 30,488   

Net loss from continuing operations attributable to stockholders

    (16,735     276        (16,459

Net loss from discontinued operations attributable to stockholders

    (259     8        (251
 

 

 

   

 

 

   

 

 

 

Net loss attributable to stockholders

  (16,994   284      (16,710
 

 

 

   

 

 

   

 

 

 

Less: dividends declared on preferred shares and RSUs

  (158   —        (158
 

 

 

   

 

 

   

 

 

 

Net loss attributable to the common stockholders

$ (17,152 $ 284    $ (16,868
 

 

 

   

 

 

   

 

 

 

Weighted-average shares outstanding

  180,931,150      —        180,931,150   
 

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from continuing operations attributable to common stockholders

$ (0.09 $ —      $ (0.09
 

 

 

   

 

 

   

 

 

 

Basic and diluted loss per share from discontinued operations attributable to common stockholders

$ —      $ —      $ —     
 

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share from continuing operations attributable to common stockholders

$ (0.09 $ —      $ (0.09
 

 

 

   

 

 

   

 

 

 

 

(1) These financial figures have been recast in applying the carryover basis of accounting to include the effects of the merger with ARCT IV.
(2) See Note 2 — Restatement of Previously Issued Financial Statements.