(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2020

The Company calculates basic (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding, excluding unvested restricted shares. The Company calculates diluted (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding plus the dilutive effect of all outstanding share-based awards, including stock options and restricted stock awards. Warrants generally are included in basic and diluted shares outstanding because there is little or no consideration paid upon exercise of the Warrants. For the three and nine months ended September 30, 2020, due to the net loss attributable to the Company common stockholders, potential common shares that would cause dilution, such as employee stock options, restricted shares and other stock awards, have been excluded from the diluted share count because their effect would have been anti-dilutive. The Company applies the two-class method to calculate (loss) earnings per share. Because both classes share the same rights in dividends and (losses) earnings, (loss) earnings per share (basic and diluted) are the same for both classes.

The following table presents the basic and diluted (loss) earnings per share, and the reconciliation of basic to diluted weighted average common shares (in thousands):



	Three Months Ended September 30, 2020		Three Months Ended September 30, 2019
Basic (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(15,803)	$	16,323



Basic net (loss) income attributable to common shares	$	(15,803)	$	16,323
Denominator:
Basic weighted average shares outstanding	20,340		20,165
Basic undistributed net (loss) income per share attributable to common shares	$	(0.78)	$	0.81

Diluted (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(15,803)	$	16,323



Diluted net (loss) income attributable to common shares	$	(15,803)	$	16,323
Denominator:
Basic weighted average shares outstanding	20,340		20,165

Effect of dilutive options and restricted share units	—		51
Diluted weighted average shares outstanding	20,340		20,216
Diluted undistributed net (loss) income per share attributable to common shares	$	(0.78)	$	0.81



	Nine Months Ended September 30, 2020		Nine Months Ended September 30, 2019
Basic (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(59,470)	$	59,635



Basic net (loss) income attributable to common shares	$	(59,470)	$	59,635
Denominator:
Basic weighted average shares outstanding	20,299		20,116
Basic undistributed net (loss) income per share attributable to common shares	$	(2.93)	$	2.96

Diluted (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(59,470)	$	59,635



Diluted net (loss) income attributable to common shares	$	(59,470)	$	59,635
Denominator:
Basic weighted average shares outstanding	20,299		20,116

Effect of dilutive options and restricted share units	—		134
Diluted weighted average shares outstanding	20,299		20,250
Diluted undistributed net (loss) income per share attributable to common shares	$	(2.93)	$	2.95