Income (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 8 — Income (Loss) Per Share

The following table is a reconciliation of the weighted average shares used in the computation of income (loss) per share for the periods presented (in thousands, except per share data):

	Three Months Ended September 30,
	2020							2019
Income (loss) per share – basic	Income (Loss)			Weighted Average Shares		Per-Share		Income (Loss)			Weighted Average Shares		Per-Share
Net income (loss) attributable to common stockholders	$	32,066	*		3,824	$	8.39	$	16,265	*		2,709	$	6.00
Effect of dilutive securities:
Convertible senior notes		(2,344	)		5,300		—		14,367			3,165		—
Unvested performance stock grants		—			166		—		—			7		—
Unvested restricted stock grants		—			17		—		—			154		—
Income (loss) per share - diluted
Net income (loss) attributable to common stockholders plus assumed exercises and conversion	$	29,722			9,307	$	3.19	$	30,632			6,035	$	5.08

	Nine Months Ended September 30,
	2020								2019
Income (loss) per share – basic	Income (Loss)			Weighted Average Shares		Per-Share			Income (Loss)			Weighted Average Shares		Per-Share
Net income (loss) attributable to common stockholders	$	(3,867	) *		3,307	$	(1.17	)	$	(35,435	) *		2,475	$	(14.32	)
Effect of dilutive securities:
Convertible senior notes		—			—		—			—			—		—
Unvested performance stock grants		—			—		—			—			—		—
Unvested restricted stock grants		—			—		—			—			—		—
Income (loss) per share - diluted
Net income (loss) attributable to common stockholders plus assumed exercises and conversion	$	(3,867	)		3,307	$	(1.17	)	$	(35,435	)		2,475	$	(14.32	)

* Net income (loss) attributable to common stockholders was computed by deducting preferred dividends of $316,000 and $935,000 for the three and nine months ended September 30, 2020, respectively, and $180,000 for the three and nine months ended September 30, 2019.

Basic earnings per share is calculated using the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during the period (which consist of restricted stock awards, restricted stock units and convertible debt to the extent they are dilutive). The convertible debt shares included in the diluted earnings per share computation are calculated using the “if-converted method” utilizing the conversion rate on the last day of the reporting period. Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted earnings per share due to being anti-dilutive, totaled 389,879 and 6,754,069 for the three and nine months ended September 30, 2020, respectively. Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted earnings per share due to being anti-dilutive, totaled 546,087 and 3,134,139 for the three and nine months ended September 30, 2019, respectively.