Greektown Superholdings, Inc.

CIK:0001487685|SEC Filings

Earnings per Share

12 Months Ended

Dec. 31, 2013

Note 13. Earnings per Share

EPS is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if certain restrictions lapse on restricted stock awards and preferred stock and warrants are converted to common stock. Anti-dilutive securities are excluded from diluted EPS.

The following is a reconciliation of the number of shares used in the basic and diluted EPS computations for the Predecessor three months ended March 31, 2013 and Predecessor year ended December 31, 2012 (in thousands, except per share data):

	Predecessor
	Three Months Ended March 31,			Year Ended December 31,
	2013			2012

Net loss attributable to common stockholders for basic computation	$	(11, 155	)	$	(23,795	)
Less: Preferred stock dividends		(3,048	)		(12,194	)
Less: Preferred stock dividends on shares underlying warrants		(1,243	)		(4,973	)

Adjusted net loss available to common stockholders		(15,446	)		(40,962	)

Basic and diluted loss per common share:
Weighted average common shares outstanding		154,312			149,146

Basic and diluted loss per common share	$	(100.10	)	$	(274.64	)

Due to the Company’s net loss for the years ended December 31, 2012, the dilutive effect of restricted share units, convertible preferred stock, and warrants were not included in the computation of EPS, as their inclusion would have been anti-dilutive.

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net loss	$ (11,155)	$ (19,731)	$ (23,795)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	7,595	18,516	32,264
Amortization of finance fees and accretion of (premium)/discount on senior notes	2,007	(8,358)	7,540
Goodwill Impairment		42,055
Deferred income taxes	1,682	(33,414)	6,727
Stock based compensation	198	871	777
Changes in current assets and liabilities:
Accounts receivable - gaming	90	(8)	24
Accounts receivable - other	(265)	114	(181)
Inventories	21	5	(60)
Prepaid expenses	1,465	(3,105)	1,357
Deposits		1,457	(1)
Accounts payable	(2,803)	(4,697)	(1,121)
Accrued interest	(12,447)	12,524	62
Accrued expenses and other liabilities	10,106	(3,209)	503
Net cash provided by (used in) operating activities	(3,506)	3,020	24,096
Investing activities
Capital expenditures	(7,529)	(1,788)	(40,300)
Net cash used in investing activities	(7,529)	(1,788)	(40,300)
Financing activities
Borrowings under revolving credit facility			15,000
Payments on revolving credit facility		(2,250)
Financing fees paid		(152)	(108)
Net cash (used in) provided by financing activities		(2,402)	14,892
Net decrease in cash and cash equivalents	(11,035)	(1,170)	(1,312)
Cash and cash equivalents at beginning of period	49,442	38,407	50,754
Cash and cash equivalents at end of period	38,407	37,237	49,442
Supplemental disclosure of cash flow information
Cash paid during the period for interest	25,126	25,354	50,268
Cash paid during the period for income taxes

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 37,237	$ 49,442
Accounts receivable - gaming, net	628	710
Accounts receivable - other, net	1,548	1,397
Inventories	432	458
Prepaid expenses	5,415	3,902
Prepaid Michigan Gaming Control Board annual fee	9,280	9,104
Prepaid municipal services fee	3,362	3,411
Deposits	175	1,632
Total current assets	58,077	70,056
Property, building, and equipment, net	335,805	342,417
Other assets:
Financing fees - net of accumulated amortization	152	8,235
Deposits and other assets	30	30
Casino development rights	177,700	117,800
Trade names	12,070	26,300
Rated player relationships - net of accumulated amortization	15,045	34,500
Goodwill	81,011	110,252
Total assets	679,890	709,590
Current liabilities:
Accounts payable	10,003	17,503
Accrued interest	25,202	25,125
Accrued expenses and other liabilities	11,436	9,858
Current portion of revolving credit facility	3,000	3,000
Total current liabilities	49,641	55,486
Long-term liabilities:
Other accrued income taxes	9,460	9,165
Leasehold liability	1,929
Revolving credit facility, less current portion	9,750	12,000
Senior secured notes - net	403,592	371,843
Obligation under capital lease	4,693	2,472
Deferred income taxes		16,821
Total long-term liabilities	429,424	412,301
Total liabilities	479,065	467,787
Shareholders' equity:
Additional paid-in capital		14,429
Accumulated deficit		(62,567)
Members Interest	200,825
Total Greektown Superholdings, Inc. shareholders' equity/membership interest	200,825	241,803
Noncontrolling interest
Total shareholders'equity	200,825	241,803
Total liabilities and shareholders' equity/membership interest	679,890	709,590
Preferred Stock A-1
Shareholders' equity:
Series preferred stock		185,396
Preferred Stock A-2
Shareholders' equity:
Series preferred stock		20,551
Preferred Warrants A-1
Shareholders' equity:
Series preferred warrants		25,651
Preferred Warrants A-2
Shareholders' equity:
Series preferred warrants		58,342
Common Stock A-1
Shareholders' equity:
Series common stock		$ 1