Earnings Per Share

12 Months Ended

Oct. 31, 2016

Note 16. Earnings Per Share

Basic earnings (loss) per common share (“EPS”) are generally calculated as income (loss) available to common shareholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as income (loss) available to common shareholders divided by the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents.

The calculation of basic and diluted EPS for the years ended October 31, 2016, 2015 and 2014 was as follows:



	2016			2015			2014
Numerator
Net loss	$	(51,208	)	$	(29,684	)	$	(38,883	)
Net loss attributable to noncontrolling interest	251			325			758
Preferred stock dividend	(3,200		)	(3,200		)	(3,200		)
Net loss attributable to common shareholders	$	(54,157	)	$	(32,559	)	$	(41,325	)
Denominator
Weighted average basic common shares	29,773,700			24,513,731			20,473,915
Effect of dilutive securities ⁽¹⁾	—			—			—
Weighted average diluted common shares	29,773,700			24,513,731			20,473,915
Basic loss per share	(1.82		)	(1.33		)	(2.02		)
Diluted loss per share ⁽¹⁾	(1.82		)	(1.33		)	(2.02		)


(1)	Due to the net loss to common shareholders in each of the years presented above, diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. At October 31, 2016 and 2015, potentially dilutive securities excluded from the diluted loss per share calculation are as follows:



	October 31, 2016	October 31, 2015
July 2016 Offering - Series A Warrants	7,680,000	—
July 2016 Offering - Series B Warrants	3,826,000	—
July 2014 Offering - NRG Warrants	166,666	166,666
Outstanding options to purchase common stock	246,923	257,769
Unvested RSAs	915,831	450,783
5% Series B Cumulative Convertible Preferred Stock ⁽²⁾	454,043	454,043
Series 1 Preferred Shares to satisfy conversion requirements ⁽²⁾	1,042,000	337,200
Total potentially dilutive securities	14,331,463	1,666,461


(2)	Refer to Note 12, Redeemable Preferred Stock, for information on the calculation of the common shares upon conversion.