CTPARTNERS EXECUTIVE SEARCH INC.

CIK:0001439199|SEC Filings

Basic and Diluted Earnings Per Share

3 Months Ended

Mar. 31, 2015

A reconciliation of the amounts used in the basic and diluted earnings per share computation is shown in the following table.



	Three Months Ended March 31
	2015			2014
Numerator
Net income/(loss) attributable to the Company	$	(1,126	)	$	1,160
Denominator
Basic weighted-average common shares	8,175,045			7,138,477
Effect of stock options and restricted stock⁽¹⁾	—			523,025
Diluted weighted-average common shares	8,175,045			7,661,502
Basic income/(loss) per common share	$	(0.14	)	$	0.16
Diluted income/(loss) per common share	$	(0.14	)	$	0.15


(1)	For the three months ended March 31, 2015, 190,500 stock options are excluded as the market price is below the strike price at March 15, 2015. Additionally, 222,417 restricted shares and 65,352 stock options are excluded, as they are anti-dilutive to the net loss per common share.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows From Operating Activities
Net income/(loss)	$ (1,130)us-gaap_ProfitLoss	$ 1,028us-gaap_ProfitLoss
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities
Depreciation and amortization	541	563
Change in fair value of contingent consideration	167ctp_FairValueAdjustmentofNotesPayable	0ctp_FairValueAdjustmentofNotesPayable
Share-based compensation	(9)us-gaap_ShareBasedCompensation	138us-gaap_ShareBasedCompensation
Amortization of discount on seller notes	0	4
Amortization of post-combination compensation	107us-gaap_AmortizationOfAcquisitionCosts	0us-gaap_AmortizationOfAcquisitionCosts
Deferred income taxes	595us-gaap_DeferredIncomeTaxExpenseBenefit	737us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in operating assets and liabilities, net of effect of acquired businesses:
Accounts receivable, net	6,723	(6,599)
Prepaid expenses	1,916	885
Other assets and receivables	(548)	392
Accounts payable	(2,519)	(338)
Accrued compensation	(3,293)	(3,889)
Accrued business taxes	70	334
Income taxes payable	(2,076)	(434)
Accrued expenses	713	(3,303)
Deferred rent	(111)ctp_IncreaseDecreaseInDeferredRent	(89)ctp_IncreaseDecreaseInDeferredRent
Net cash provided by/(used in) operating activities	1,146	(10,571)
Cash Flows From Investing Activities
Acquisition of businesses	0	(2,336)
Purchase of leasehold improvements and equipment	(540)	(428)
Notes receivable issued	(673)	(1,046)
Repayment of notes receivable	0	1,000
Net cash provided by/(used in) investing activities	(1,213)	(2,810)
Cash Flows From Financing Activities
Principal payments on long-term debt	(28)us-gaap_RepaymentsOfLongTermDebt	(2,717)us-gaap_RepaymentsOfLongTermDebt
Net proceeds from/(payments on) line of credit	(4,109)	15,019
Net proceeds from issuance of common stock	4,143	0
Net cash provided by/(used in) financing activities	6	12,302
Net increase/(decrease) in cash	(61)	(1,079)
Effect of foreign currency on cash	212	4
Cash:
Beginning	5,215	5,654
Ending	5,366	4,579
Supplemental Disclosure of Non-Cash Investing Activities
Goodwill	0us-gaap_GoodwillAcquiredDuringPeriod
Latin America [Member]
Supplemental Disclosure of Non-Cash Investing Activities
Total identifiable assets acquired and liabilities assumed	0	1,106
Goodwill	0	3,753
Aggregate purchase price per purchase agreement	0	4,859
Seller note	0	(2,523)
Redeemable noncontrolling interest	0	0
Cash paid for acquisition of businesses	0	2,336
Forgiveness of notes receivable	0	117
Supplemental Disclosure of Non-Cash Financing Activities
Seller financing of fixed asset additions	$ 117	$ 189

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current Assets
Cash	$ 5,366us-gaap_Cash	$ 5,215us-gaap_Cash
Accounts receivable, net	31,001us-gaap_AccountsReceivableNetCurrent	38,742us-gaap_AccountsReceivableNetCurrent
Other receivables	544us-gaap_NontradeReceivablesCurrent	601us-gaap_NontradeReceivablesCurrent
Prepaid expenses	3,061us-gaap_PrepaidExpenseCurrent	4,284us-gaap_PrepaidExpenseCurrent
Deferred income taxes	5,137us-gaap_DeferredTaxAssetsNetCurrent	4,829us-gaap_DeferredTaxAssetsNetCurrent
Income taxes receivable	219us-gaap_IncomeTaxesReceivable	0us-gaap_IncomeTaxesReceivable
Other	4,325us-gaap_OtherAssetsCurrent	5,327us-gaap_OtherAssetsCurrent
Total current assets	49,653us-gaap_AssetsCurrent	58,998us-gaap_AssetsCurrent
Non-current assets
Leasehold improvements and equipment, net	5,639us-gaap_PropertyPlantAndEquipmentNet	5,681us-gaap_PropertyPlantAndEquipmentNet
Goodwill	11,046us-gaap_Goodwill	11,789us-gaap_Goodwill
Intangibles, net	4,444	4,882
Other assets	8,455us-gaap_OtherAssetsNoncurrent	7,366us-gaap_OtherAssetsNoncurrent
Deferred income taxes	3,873us-gaap_DeferredTaxAssetsNetNoncurrent	3,641us-gaap_DeferredTaxAssetsNetNoncurrent
Total assets	83,110us-gaap_Assets	92,357us-gaap_Assets
Current Liabilities
Current portion of long-term debt	4,867us-gaap_OtherLongTermDebtCurrent	4,280us-gaap_OtherLongTermDebtCurrent
Line of credit	13,098us-gaap_LinesOfCreditCurrent	17,207us-gaap_LinesOfCreditCurrent
Accounts payable	2,387us-gaap_AccountsPayableCurrent	4,965us-gaap_AccountsPayableCurrent
Accrued compensation	28,235	32,220
Accrued business taxes	3,494us-gaap_TaxesPayableCurrent	3,430us-gaap_TaxesPayableCurrent
Income taxes payable	0us-gaap_AccruedIncomeTaxesCurrent	774us-gaap_AccruedIncomeTaxesCurrent
Accrued expenses	2,418us-gaap_AccruedLiabilitiesCurrent	2,532us-gaap_AccruedLiabilitiesCurrent
Total current liabilities	54,499us-gaap_LiabilitiesCurrent	65,408us-gaap_LiabilitiesCurrent
Long-Term Liabilities
Long-term debt, less current maturities	3,104us-gaap_OtherLongTermDebtNoncurrent	3,549us-gaap_OtherLongTermDebtNoncurrent
Deferred rent, less current maturities	573us-gaap_DeferredRentCreditNoncurrent	646us-gaap_DeferredRentCreditNoncurrent
Total long-term liabilities	3,677us-gaap_LiabilitiesNoncurrent	4,195us-gaap_LiabilitiesNoncurrent
Stockholders’ Equity
Preferred stock: 1,000,000 shares authorized, no shares issued and outstanding	0us-gaap_PreferredStockValue	0us-gaap_PreferredStockValue
Common stock: $0.001 par value, 15,000,000 shares authorized, 9,149,694 and 7,695,635 shares issued; 8,724,356 and 7,270,297 shares outstanding at March 31, 2015 and December 31, 2014, respectively	9us-gaap_CommonStockValue	8us-gaap_CommonStockValue
Additional paid-in capital	41,750	38,116
Accumulated deficit	(12,061)	(10,935)
Accumulated other comprehensive loss, net of tax	(2,637)	(2,308)
Treasury stock at cost 425,338 shares at March 31, 2015 and December 31, 2014.	(2,127)us-gaap_TreasuryStockValue	(2,127)us-gaap_TreasuryStockValue
Total stockholders' equity	24,934us-gaap_StockholdersEquity	22,754us-gaap_StockholdersEquity
Total liabilities and stockholders' equity	$ 83,110	$ 92,357