Earnings Per Share

6 Months Ended

Jun. 30, 2020

13. Earnings Per Share

Basic earnings per share (“EPS”) represents income (loss) divided by the weighted average number of common shares outstanding during the measurement period. Diluted EPS represents income (loss) divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period using the treasury stock method. The calculations of basic and diluted EPS were as follows:

	For the Three Months Ended					For the Six Months Ended
Numerator:	June 30, 2020		June 30, 2019			June 30, 2020		June 30, 2019
Net Income	$	78,912	$	86,868		$	102,265	$	57,158
Less: Unrealized gain on financial instruments, net of tax		-		(43,379	)		-		-
Diluted Net income	$	78,912	$	43,489		$	102,265	$	57,158

Denominator:
Basic EPS weighted average shares outstanding		26,129		25,851			26,048		25,794
Effect of dilutive warrants		9		1,089			4		-
Effect of dilutive restricted stock		44		13			22		127
Diluted EPS weighted average shares outstanding		26,182		26,953			26,074		25,921

Earnings per share:
Basic	$	3.02	$	3.36		$	3.93	$	2.22
Diluted	$	3.01	$	1.61		$	3.92	$	2.21

Antidilutive shares related to warrants issued in connection with our Convertible Notes and warrants issued to a customer that were out of the money and excluded from the calculation of diluted EPS were 15.5 million for the three and six months ended June 30, 2020, respectively and 7.8 million for the three and six months ended June 30, 2019. Diluted shares reflect the potential dilution that could occur from restricted shares using the treasury stock method. The calculation of EPS does not include restricted share units and customer warrants in which performance or market conditions were not satisfied of 10.5 million for the three and six months ended June 30, 2020 and 10.6 million for the three and six months ended June 30, 2019.