NOTE 12—EARNINGS PER SHARE

As of December 31, 2019, the Company’s 19,057,195 shares outstanding included 282,059 shares of contingently issued but unvested restricted stock. As of December 31, 2018, the Company’s 18,660,218 shares outstanding included 193,589 shares of contingently issued but unvested restricted stock. Restricted stock is excluded from the calculation of basic weighted average shares outstanding, but its impact, if dilutive, is included in the calculation of diluted weighted average shares outstanding.

Basic earnings per common share are calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share are based on the weighted average common shares outstanding during the period, adjusted for the potential dilutive effect of common shares that would be issued upon the vesting and release of restricted stock awards and units.

Basic and diluted loss per common share from continuing operations were calculated as follows:


	Year Ended December 31,
(in thousands, except share data)	2019		2018
Income (loss) from continuing operations	$	1,022	$	(13,790)

Basic income (loss) per common share:
Weighted average common shares outstanding		18,700,107		18,207,661

Basic income (loss) per common share	$	0.05	$	(0.76)

Diluted income (loss) per common share:
Weighted average common shares outstanding		18,700,107		18,207,661

Diluted effect:
Unvested portion of restricted stock units and awards		221,905		—
Weighted average diluted common shares outstanding		18,922,012		18,207,661

Diluted income (loss) per common share	$	0.05	$	(0.76)

The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share does not include the effect of the following potential outstanding common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted earnings per share because the effect would have been anti-dilutive:


	Year Ended December 31,
	2019	2018
Unvested service-based restricted stock awards	422,486	1,515
Unvested performance- and market-based restricted stock awards	892,814	620,457
Stock options	122,000	122,000