Note

12.

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share include the effect of conversions of stock options and nonvested shares. The computations of basic and diluted earnings per share for

2019

and

2018

(dollars in thousands, except share and per share amounts) are as follows:

	For the Years Ended December 31,
	2019			2018
Numerator, in thousands:
Net income (loss) available to common shareholders	$	(10,225	)	$	6,134

Denominator:
Weighted average common shares outstanding – basic		100,472,515			93,961,799

Weighted average common shares outstanding – dilutive:
Weighted average common shares outstanding – basic		100,472,515			93,961,799
Stock options		—			—
Common stock warrants		—			—
Nonvested shares		—			508,258
Weighted average common shares outstanding – dilutive		100,472,515			94,470,057

Basic earnings (loss) per share:
Net income (loss) available to common shareholders	$	(0.10	)	$	0.07

Diluted earnings (loss) per share:
Net income (loss) available to common shareholders	$	(0.10	)	$	0.06

Options and warrants to purchase shares of common stock were outstanding during each period as presented below (in thousands, except exercise price), but were

not

included in the computation of diluted earnings (loss) per share because the number of shares assumed to be repurchased was greater than the number of shares to be obtained upon exercise, therefore, the effect would be anti-dilutive.

	For the Years Ended December 31,
	2019		2018
Number of stock options (in thousands)		24		72
Weighted average exercise price of stock options	$	1.00	$	1.17

There have been

options granted during

2018

2019

. During

2018

, the Company granted

3.3

million shares to the Board, and all of these shares vested in

2019.

During

2019

, the Company granted

4.5

million shares to the directors, officers and other members of management, of which

2.4

million of these shares vested during the year. The remaining

2.1

million shares will vest equally in

2020

and

2021,

assuming the grantees are still directors at the vest date. As of

December 31, 2019

and

2018

, respectively, the Company had approximately

2.2

million and

4.2

million non-vested shares outstanding. The weighted average impact of

0.1

million

and

0.8

million non-vested shares and common stock warrants of

22.3

million granted in the debt restructure were

not

included in the calculation of earnings per share for

2019

and

2018

, respectively, because they were anti-dilutive.