Note 9.—Reconciliation of (Loss) Earnings Per Common Share

Basic net (loss) earnings per common share is computed by dividing net loss available to common stockholders (numerator) by the weighted average number of vested common shares outstanding during the period (denominator). Diluted net (loss) earnings per common share is computed on the basis of the weighted average number of shares of common stock outstanding plus the effect of dilutive potential common shares outstanding during the period using the if-converted method. Dilutive potential common shares include shares issuable upon conversion of Convertible Notes, warrants, dilutive effect of outstanding stock options, restricted stock awards (RSA), restricted stock units (RSU), deferred stock units (DSU) and cumulative redeemable preferred stock outstanding for the periods indicated, when dilutive.


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Numerator for basic (loss) earnings per share:
Net (loss) earnings	$	(22,829)	$	3,873	$	(87,560)	$	(8,739)

Numerator for diluted loss per share:
Net (loss) earnings	$	(22,829)	$	3,873	$	(87,560)	$	(8,739)
Interest expense attributable to convertible notes (1)		—		—		—		—
Net (loss) earnings plus interest expense attributable to convertible notes	$	(22,829)	$	3,873	$	(87,560)	$	(8,739)

Denominator for basic (loss) earnings per share (2):
Basic weighted average common shares outstanding during the period		21,230		21,181		21,229		21,170

Denominator for diluted (loss) earnings per share (2):
Basic weighted average common shares outstanding during the period		21,230		21,181		21,229		21,170
Net effect of dilutive convertible notes and warrants (1)		—		—		—		—
Net effect of dilutive stock options, DSU’s, RSA's and RSU's (1)		—		8		—		—
Diluted weighted average common shares		21,230		21,189		21,229		21,170
Net (loss) earnings per common share:
Basic	$	(1.08)	$	0.18	$	(4.12)	$	(0.41)
Diluted	$	(1.08)	$	0.18	$	(4.12)	$	(0.41)

(1)

Adjustments to diluted (loss) earnings per share for the three and six months ended June 30, 2020 and six months ended June 30, 2019 were excluded from the calculation, as they were anti-dilutive.

(2)

Number of shares presented in thousands.

At June 30, 2020, there were 1.0 million shares of stock options, RSA’s, RSU’s and DSU’s outstanding in the aggregate. For the three and six months ended June 30, 2020 and 2019, there were 1.2 million shares attributable to the 2015 Convertible Notes that were anti-dilutive. Additionally, for the three months ended June 30, 2020, there were 213 thousand warrants that were anti-dilutive.

In addition to the potential dilutive effects of stock options, restricted stock, restricted stock units, deferred stock units and convertible notes listed above, see Note 12.—Equity and Share Based Payments, Redeemable Preferred Stock, for a description of cumulative undeclared dividends in arrears which would also become dilutive in the event the Company is not successful in its appeal of the original court ruling.