Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) applicable to common stockholders by the weighted average numbers of shares of common stock outstanding during the period. Diluted EPS is calculated using the treasury stock method and is computed similarly to basic EPS, except that the denominator is increased for the assumed exercise of dilutive stock options and unvested restricted stock for the diluted shared based awards.

The following table summarizes the weighted average common shares for basic and diluted EPS computations.



	Three Months Ended March 31,
	2020			2019
Weighted average number of common shares outstanding — basic	27,381,231			26,443,946
Effect of dilutive share based awards	—			—
Weighted average number of common shares outstanding — diluted	27,381,231			26,443,946
Loss per share:
Basic	$	(4.98	)	$	(0.08	)
Diluted	$	(4.98	)	$	(0.08	)

For the three months ended March 31, 2020 and 2019, there was no effect of dilutive stock options and unvested restricted common stock on the calculation of diluted EPS as the Company had a net loss for these periods.

For the three months ended March 31, 2020, there would have been 5,044 anti-dilutive shares had the Company not been in a net loss position. For the three months ended March 31, 2020 there were no stock options or outstanding restricted stock awards excluded from the computation of earnings per diluted share as there were no shares with an anti-dilutive effect.