Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Earnings per common share:

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the years ended December 31, 2020, 2019 and 2018.


	December 31,
	2020		2019		2018
Basic:
Net income (loss)	$	25,711	$	(15,305)	$	(33,867)
Less deemed dividend related to beneficial conversion feature on Series B Preferred Stock	—		—		(12,500)
Net income (loss) attributable to common stockholders, basic	$	25,711	$	(15,305)	$	(46,367)
Weighted average common shares outstanding	99,830,520		83,213,704		63,165,063
Basic income (loss) per common share	$	0.26	$	(0.18)	$	(0.73)


	December 31,
	2020		2019		2018
Diluted:
Effect of dilutive securities:
Net income (loss) attributable to common stockholders, diluted	$	25,711	$	(15,305)	$	(46,367)
Weighted average common shares outstanding	99,830,520		83,213,704		63,165,063
Effect of dilutive options and warrants	5,232,002		—		—
Diluted weighted average common shares outstanding	105,062,522		83,213,704		63,165,063
Diluted income (loss) per common share	$	0.24	$	(0.18)	$	(0.73)

Basic earnings per common share is calculated using the weighted average shares of Common Stock outstanding during the period. Common equivalent shares from stock options, RSUs, warrants and convertible preferred stock using the treasury stock method, are also included in the diluted per share calculations unless the effect of inclusion would be antidilutive.

During the year ended December 31, 2020, outstanding stock options, RSUs, warrants and convertible preferred stock of 5,232,002 were included in the computation of diluted earnings per common share. During the years ended 2019 and 2018, outstanding stock options, RSUs, warrants and convertible preferred stock of 11,116,195 and 28,424,998, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect because the outstanding exercise prices were greater than the average market price of the common shares during the relevant periods. Included in the years ended December 31, 2020, 2019 and 2018 are the Series B shares as converted to common stock.

The following is the total outstanding options, RSUs and warrants for the years ended December 31, 2020, 2019 and 2018, respectively.


	2020	2019	2018
Options, RSUs, warrants and convertible preferred stock to purchase Common Stock	12,598,857	11,375,323	10,739,378