Note 17. Earnings Per Share

Basic earnings (loss) per common share (“EPS”) are generally calculated as income (loss) available to common stockholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as income (loss) available to common stockholders 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, 2017, 2016 and 2015 was as follows (amounts in thousands, except share and per share amounts):

	2017			2016			2015
Numerator
Net loss	$	(53,903	)	$	(51,208	)	$	(29,684	)
Net loss attributable to noncontrolling interest		—			251			325
Preferred stock dividend		(3,200	)		(3,200	)		(3,200	)
Net loss attributable to common stockholders	$	(57,103	)	$	(54,157	)	$	(32,559	)
Denominator
Weighted average basic common shares		49,914,904			29,773,700			24,513,731
Effect of dilutive securities ⁽¹⁾		—			—			—
Weighted average diluted common shares		49,914,904			29,773,700			24,513,731
Basic loss per share	$	(1.14	)	$	(1.82	)	$	(1.33	)
Diluted loss per share ⁽¹⁾	$	(1.14	)	$	(1.82	)	$	(1.33	)

(1)

Due to the net loss to common stockholders 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. As of October 31, 2017, 2016 and 2015, potentially dilutive securities excluded from the diluted loss per share calculation are as follows:

	October 31, 2017		October 31, 2016		October 31, 2015
May 2017 Offering – Series C Warrants		11,580,900		—		—
May 2017 Offering – Series D Warrants		2,584,174		—		—
July 2016 Offering - Series A Warrants		7,680,000		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		309,950		246,923		257,769
Unvested RSAs		1,898,692		915,831		450,783
Series C Preferred Shares to satisfy conversion requirements⁽¹⁾		18,097,826		—		—
5% Series B Cumulative Convertible Preferred Stock ⁽²⁾		454,043		454,043		454,043
Series 1 Preferred Shares to satisfy conversion requirements⁽²⁾		15,167		15,167		15,167
Total potentially dilutive securities		42,620,752		13,304,630		1,344,428

(1)

The number of shares of common stock issuable upon conversion of the Series C Preferred Stock was calculated using the stated value outstanding on October 31, 2017 of $33,300,000 (original total stated value of $33,500,000 less conversion through October 31, 2017 totaling $200,000) divided by the conversion price of $1.84.

(2)	Refer to Note 13, Redeemable Preferred Stock, for information on the calculation of the common shares upon conversion.