Company Quick10K Filing
Townsquare Media
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 27 $139
10-Q 2019-08-12 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-03-12 Annual: 2018-12-31
10-Q 2018-11-06 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-03-13 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-13 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-03-16 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
8-K 2020-03-20 Off-BS Arrangement
8-K 2020-03-16 Earnings, Exhibits
8-K 2019-12-18 Officers
8-K 2019-12-13 Officers, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-06-19 Accountant, Exhibits
8-K 2019-06-03 Shareholder Vote
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-05-03 Enter Agreement
8-K 2019-03-12 Earnings, Exhibits
8-K 2019-01-04 Officers, Regulation FD, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-06-04 Exhibits
8-K 2018-05-29 Enter Agreement, Regulation FD, Exhibits
8-K 2018-05-17 Shareholder Vote
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-05-03 Officers, Exhibits
8-K 2018-03-07 Officers
8-K 2018-03-07 Officers
TSQ 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization and Basis of Presentation
Note 2. Correction of Prior Period Financial Statements
Note 3. Summary of Significant Accounting Policies
Note 4. Revenue Recognition
Note 5. Acquisitions & Divestitures
Note 6. Interim Financial Data
Note 7. Investments
Note 8. Property and Equipment
Note 9. Goodwill and Other Intangible Assets
Note 10. Long-Term Debt
Note 11. Stockholders' Equity
Note 12. Net Income (Loss) per Share
Note 13. Income Taxes
Note 14. Accrued Expenses and Other Current Liabilities
Note 15. Leases and Other Commitments
Note 16. Segment Reporting
Note 18. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 tsq063019exhibit311.htm
EX-31.2 tsq063019exhibit312.htm
EX-32.1 tsq063019exhibit321.htm
EX-32.2 tsq063019exhibit322.htm

Townsquare Media Earnings 2019-06-30

TSQ 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
EVC 272 688 402 285 0 -20 12 464 0% 37.7 -3%
TSQ 192 1,030 681 428 0 -2 52 677 0% 13.1 -0%
UONE 110 1,262 1,063 445 67 123 88 972 15% 11.1 10%
BBGI 88 740 458 189 0 9 32 329 0% 10.2 1%
EMMS 62 256 147 91 0 11 25 137 0% 5.6 4%
SALM 43 586 392 189 0 -23 8 293 0% 36.2 -4%
SGA 0 249 59 124 0 14 20 -31 0% -1.5 6%
NTN 7 15 9 15 0 -1 0 6 0% 29.0 -5%
TME 44,605 6,833 0 0 0 0 -0 0%
SONG

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ______
Commission file number 001-36558
Townsquare Media, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
27-1996555
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
One Manhattanville Road
 
 
Suite 202
 
 
Purchase,
New York
10577
(Address of Principal Executive Offices)
 
(Zip Code)
(203) 861-0900
Registrant's telephone number, including area code

Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share
TSQ
The New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
As of August 11, 2019, the registrant had 18,961,819 outstanding shares of common stock consisting of: (i)14,313,844 shares of Class A common stock, par value $0.01 per share; (ii) 3,011,634 shares of Class B common stock, par value $0.01 per share; and (iii) 1,636,341 shares of Class C common stock, par value $0.01 per share. The registrant also had 8,977,676 warrants to purchase Class A common stock outstanding as of that date.



TOWNSQUARE MEDIA, INC.

INDEX

 
 
 
 
 
Item 1.    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.      
 
 
 
 
 
 
 
 
 
Item 1.       
Item 2.       
Item 3.       
Item 4.      
Item 5.      
 
 





PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
TOWNSQUARE MEDIA, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
(unaudited)



June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
62,764

 
$
61,396

Accounts receivable, net of allowance of $3,285 and $3,454, respectively
67,354

 
62,459

Prepaid expenses and other current assets
10,801

 
8,939

Current assets of discontinued operations
22

 
19,763

Total current assets
140,941

 
152,557

Property and equipment, net
112,923

 
112,377

Intangible assets, net
478,024

 
478,938

Goodwill
226,981

 
226,981

Investments
11,775

 
9,505

Operating lease right-of-use assets
41,785

 

Other assets
294

 
6,909

Total assets
$
1,012,723

 
$
987,267

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
11,527

 
$
13,393

Current portion of long-term debt
5

 
5

Deferred revenue
7,992

 
7,922

Accrued expenses and other current liabilities
19,874

 
32,749

Short-term operating lease liabilities
8,021

 

Accrued interest
4,647

 
4,563

Current liabilities of discontinued operations
3,968

 
7,138

Total current liabilities
56,034

 
65,770

Long-term debt, less current portion (net of deferred finance costs of $4,930 and $5,155, respectively)
555,552

 
555,330

Deferred tax liability
18,513

 
16,031

Long-term operating lease liabilities
36,765

 

Other long-term liabilities
1,633

 
8,559

Total liabilities
668,497

 
645,690

Stockholders’ equity:
 
 
 
    Class A common stock, par value $0.01 per share; 300,000,000 shares authorized; 14,313,844 and 14,297,066 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
143

 
143

    Class B common stock, par value $0.01 per share; 50,000,000 shares authorized; 3,011,634
shares issued and outstanding
30

 
30

Class C common stock, par value $0.01 per share; 50,000,000 shares authorized; 1,636,341
shares issued and outstanding
17

 
17

    Total common stock
190

 
190

    Additional paid-in capital
366,954

 
365,835

    Accumulated deficit
(25,775
)
 
(25,735
)
    Non-controlling interest
2,857

 
1,287

Total stockholders’ equity
344,226

 
341,577

Total liabilities and stockholders’ equity
$
1,012,723

 
$
987,267

See Notes to Unaudited Consolidated Financial Statements

1



TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands, Except Per Share Data)



Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(unaudited)

 
(revised) (1)

 
(unaudited)

 
(revised) (1)

 
 
 
 
 
 
 
 
Net revenue
$
113,088

 
$
105,319

 
$
206,770

 
$
193,302

 
 
 
 
 
 
 
 
Operating costs and expenses:
 
 
 
 
 
 
 
Direct operating expenses
75,590

 
72,722

 
144,219

 
137,078

Depreciation and amortization
5,897

 
4,409

 
12,405

 
8,792

Corporate expenses
7,370

 
7,290

 
12,957

 
12,939

Stock-based compensation
660

 
246

 
1,536

 
436

Transaction costs
128

 
678

 
276

 
837

Business realignment costs

 

 
4

 

Impairment of long lived and intangible assets
231

 

 
231

 

Net gain on sale and retirement of assets
(21
)
 
(388
)
 
(2
)
 
(398
)
    Total operating costs and expenses
89,855

 
84,957

 
171,626

 
159,684

    Operating income
23,233

 
20,362

 
35,144

 
33,618

Other expense:
 
 
 
 
 
 
 
Interest expense, net
8,526

 
8,533

 
17,121

 
16,960

Other expense, net
36

 
48

 
70

 
80

    Income from continuing operations before income taxes
14,671

 
11,781

 
17,953

 
16,578

Provision for income taxes
4,059

 
3,188

 
4,967

 
4,519

Net income from continuing operations
10,612

 
8,593

 
12,986

 
12,059

Net income (loss) from discontinued operations, net of income taxes
84

 
(6,959
)
 
(7,080
)
 
(37,015
)
Net income (loss)
$
10,696

 
$
1,634

 
$
5,906

 
$
(24,956
)
 
 
 
 
 
 
 
 
Net income (loss) attributable to:
 
 
 
 
 
 
 
     Controlling interests
$
10,203

 
$
1,335

 
$
4,966

 
$
(25,473
)
     Non-controlling interests
493

 
299

 
940

 
517

 
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
    Continuing operations attributable to common shares
$
0.37

 
$
0.30

 
$
0.44

 
$
0.42

    Discontinued operations attributable to common shares
$

 
$
(0.37
)
 
$
(0.38
)
 
$
(1.99
)
    Continuing operations attributable to participating shares
$
0.37

 
$
0.30

 
$
0.44

 
$
0.42

    Discontinued operations attributable to participating shares
$

 
$

 
$

 
$

 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
 
    Continuing operations
$
0.37

 
$
0.30

 
$
0.44

 
$
0.42

    Discontinued operations
$

 
$
(0.25
)
 
$
(0.26
)
 
$
(1.34
)
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
     Basic attributable to common shares
18,512

 
18,633

 
18,495

 
18,563

     Basic attributable to participating shares
8,978

 
8,978

 
8,978

 
8,978

     Diluted
27,490

 
27,611

 
27,473

 
27,541

 
 
 
 
 
 
 
 
Cash dividend declared per share
$
0.075

 
$
0.075

 
$
0.150

 
$
0.150

(1) See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements
See Notes to Unaudited Consolidated Financial Statements

2



TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in Thousands, Except Share Data)
(unaudited)
 
Shares of Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A
 
Class B
 
Class C
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Shares
 
Shares
 
Warrants
 
Common
Stock
 
Additional
Paid-in Capital
 
Retained Earnings (Deficit)
 
Accumulated Other Comprehensive Loss
 
Non-
Controlling
Interest
 
Total
January 1, 2018
13,819,639

 
3,022,484

 
1,636,341

 
8,977,676

 
$
185

 
$
367,041

 
$
13,265

 
$
(532
)
 
$
1,121

 
$
381,080

Adjustments of equity pursuant to adoption of ASC 606*

 

 

 

 

 

 
2,271

 

 

 
2,271

Adjusted balance at January 1, 2018
13,819,639

 
3,022,484

 
1,636,341

 
8,977,676

 
185

 
367,041

 
15,536

 
(532
)
 
1,121

 
383,351

Net (loss) income

 

 

 

 

 

 
(26,809
)
 

 
218

 
(26,591
)
Dividends declared

 

 

 

 

 

 
(2,061
)
 

 

 
(2,061
)
Stock-based compensation

 

 

 

 

 
197

 

 

 

 
197

Issuance of restricted stock
18,037

 

 

 

 

 

 

 

 

 

Foreign currency exchange

 

 

 

 

 

 

 
(126
)
 

 
(126
)
Cash distributions to non-controlling interests

 

 

 

 

 

 
(19
)
 

 
(8
)
 
(27
)
Balance at March 31, 2018
13,837,676

 
3,022,484

 
1,636,341

 
8,977,676

 
$
185

 
$
367,238

 
$
(13,353
)
 
$
(658
)
 
$
1,331

 
$
354,743

Net income

 

 

 

 

 

 
1,335

 

 
299

 
1,634

Dividends declared

 

 

 

 

 

 
(2,123
)
 

 

 
(2,123
)
Acquisitions of non-controlling interests

 

 

 

 

 
(3,671
)
 

 

 
(645
)
 
(4,316
)
Stock-based compensation

 

 

 

 

 
251

 

 

 

 
251

Conversion of common shares
10,850

 
(10,850
)
 

 

 

 

 

 

 

 

Issuance of restricted stock
400,000

 

 

 

 

 

 

 

 

 

Disposal of subsidiary

 

 

 

 

 

 
(19
)
 
656

 

 
637

Foreign currency exchange

 

 

 

 

 

 

 
2

 

 
2

Cash distributions to non-controlling interests

 

 

 

 

 

 
19

 

 
(506
)
 
(487
)
Balance at June 30, 2018
14,248,526

 
3,011,634

 
1,636,341

 
8,977,676

 
$
185

 
$
363,818

 
$
(14,141
)
 
$

 
$
479

 
$
350,341


*See Note 3
See Notes to Unaudited Consolidated Financial Statements








3



TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(in Thousands, Except Share Data)
(unaudited)
 
Shares of Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A
 
Class B
 
Class C
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Shares
 
Shares
 
Warrants
 
Common
Stock
 
Additional
Paid-in Capital
 
Retained Earnings (Deficit)
 
Accumulated Other Comprehensive Loss
 
Non-
Controlling
Interest
 
Total
January 1, 2019
14,297,066

 
3,011,634

 
1,636,341

 
8,977,676

 
$
190

 
$
365,835

 
$
(25,735
)
 
$

 
$
1,287

 
$
341,577

Adjustments of equity pursuant to adoption of ASC 842**

 

 

 

 

 

 
(816
)
 

 

 
(816
)
Net (loss) income

 

 

 

 

 

 
(5,237
)
 

 
447

 
(4,790
)
Dividends declared

 

 

 

 

 

 
(2,095
)
 

 

 
(2,095
)
Stock-based compensation

 

 

 

 

 
876

 

 

 

 
876

Issuance of restricted stock
16,778

 

 

 

 

 

 

 

 

 

Cash distributions to non-controlling interests

 

 

 

 

 

 

 


(1,287
)
 
(1,287
)
Balance at March 31, 2019
14,313,844

 
3,011,634

 
1,636,341

 
8,977,676

 
$
190

 
$
366,711

 
$
(33,883
)
 
$

 
$
447

 
$
333,465

Net income

 

 

 

 

 

 
10,203

 

 
493

 
10,696

Dividends declared

 

 

 

 

 

 
(2,095
)
 

 

 
(2,095
)
Stock-based compensation

 

 

 

 

 
673

 

 

 

 
673

Sale of non-controlling interest

 

 

 

 

 
(430
)
 

 

 
1,930

 
1,500

Cash distributions to non-controlling interests

 

 

 

 

 

 

 


(13
)
 
(13
)
Balance at June 30, 2019
14,313,844

 
3,011,634

 
1,636,341

 
8,977,676

 
$
190

 
$
366,954

 
$
(25,775
)
 
$

 
$
2,857

 
$
344,226



**See Note 13
See Notes to Unaudited Consolidated Financial Statements

4



TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in Thousands)
(unaudited)
 
Six Months Ended 
 June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income (loss)
$
5,906

 
$
(24,956
)
Loss from discontinued operations
(7,080
)
 
(37,015
)
Income from continuing operations
12,986

 
12,059

Adjustments to reconcile income from continuing operations to net cash flows from operating activities
 
 
 
   Depreciation and amortization
12,405

 
8,792

   Amortization of deferred financing costs
639

 
761

   Net deferred taxes and other
4,967

 
4,519

   Provision for doubtful accounts
824

 
1,514

   Stock-based compensation expense
1,536

 
436

   Trade activity, net
(5,506
)
 
(7,281
)
   Non-cash interest expense

 
(10
)
   Write-off of deferred financing costs
7

 
97

   Impairment of long lived and intangible assets
231

 

   Net gain on sale of assets
(2
)
 
(398
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
   Accounts receivable
(4,021
)
 
(2,947
)
   Prepaid expenses and other assets
(1,154
)
 
(1,294
)
   Accounts payable
(1,860
)
 
495

   Accrued expenses
(14,025
)
 
(3,090
)
   Accrued interest
84

 
(1,037
)
   Other long-term liabilities
(244
)
 
(416
)
Net cash provided by operating activities - continuing operations
6,867

 
12,200

Net cash used in operating activities - discontinued operations
(3,464
)
 
(11,787
)
Net cash provided by operating activities
3,403

 
413

 
 
 
 
Cash flows from investing activities:
 
 
 
   Purchase of property and equipment
(8,928
)
 
(8,756
)
   Payments for acquisitions, net of cash acquired
(6
)
 
(3,724
)
   Proceeds from sale of assets
171

 
723

Net cash used in investing activities - continuing operations
(8,763
)
 
(11,757
)
Net cash provided by investing activities - discontinued operations
11,093

 
23,792

Net cash provided by investing activities
2,330

 
12,035

 
 
 
 
Cash flows from financing activities:
 
 
 
   Repayment of bank debt

 
(9,519
)
   Dividend payments
(4,141
)
 
(2,061
)
   Sale of non-controlling interest
1,500

 

   Cash distribution to non-controlling interests
(1,300
)
 
(514
)
   Deferred financing costs
(421
)
 
(2
)
   Repayments of capitalized obligations
(3
)
 
(3
)
Net cash used in financing activities - continuing operations
(4,365
)
 
(12,099
)
Net cash used in financing activities - discontinued operations

 
(19
)
Net cash used in financing activities
(4,365
)
 
(12,118
)
 
 
 
 
        Effect of exchange rate changes

 
92

        Net increase in cash and cash equivalents
1,368

 
422

        Cash and cash equivalents:
 
 
 
        Beginning of period
61,396

 
62,041

        End of period
$
62,764

 
$
62,463

See Notes to Unaudited Consolidated Financial Statements

5



TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in Thousands)
(unaudited)
 
Six Months Ended 
 June 30,
 
2019
 
2018
Supplemental Disclosure of Cash Flow Information:
 
 
 
   Cash payments:
 
 
 
Interest
$
16,928

 
$
17,176

Income taxes
570

 
1,449

 
 
 
 
Supplemental Disclosure of Non-cash Activities:
 
 
 
Dividends declared, but not paid during the period
$
2,124

 
$
2,123

See Notes to Unaudited Consolidated Financial Statements


6



TOWNSQUARE MEDIA, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Organization and Basis of Presentation
Description of the Business
Townsquare Media, Inc. (together with its consolidated subsidiaries, except as the context may otherwise require, "we," "us," "our," "Company," or "Townsquare") is a radio, digital media, entertainment and digital marketing solutions company principally focused on being the premier local advertising and marketing solutions platform in small and mid-sized markets across the U.S. Our assets include 321 radio stations and more than 330 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 17,300 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite), and approximately 200 local live events each year. Our brands include local media assets such as WYRK, KLAQ, K2 and NJ101.5; iconic local and regional events such as WYRK's Taste of Country, the Boise Music Festival, the Red Dirt BBQ & Music Festival and Taste of Fort Collins; and leading tastemaker music and entertainment websites such as XXLmag.com, TasteofCountry.com and Loudwire.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.    
Note 2. Correction of Prior Period Financial Statements
In connection with the preparation of our consolidated financial statements for the three and six months ended June 30, 2019, we identified an error in the presentation and calculation of our income (loss) per share. We have determined that our Warrants are a participating security, as defined, in accordance with Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Although these Warrants are subject to restrictions on exercise, they participate in the undistributed earnings of the Com