15. EARNINGS PER SHARE

On October 8, 2019, upon emergence from chapter 11 bankruptcy, the Predecessor Company’s equity was cancelled and new equity was issued. Refer to Note 2, “Reorganization,” for further details.

The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):


	Successor		Predecessor
	Period from		Period from
	October 2, 2019		January 1, 2019
	through		through		Years Ended December 31,
	December 31, 2019		October 1, 2019		2018		2017
Basic:
Net income (loss) available to common stockholders	$	(10,460)	$	(1,156,053)	$	45,959	$	487,679
Weighted average basic number of common shares outstanding		16,204		158,925		157,011		132,763
Basic net income (loss) per common share	$	(0.65)	$	(7.27)	$	0.29	$	3.67

Diluted:
Net income (loss) available to common stockholders	$	(10,460)	$	(1,156,053)	$	45,959	$	487,679
Weighted average basic number of common shares outstanding		16,204		158,925		157,011		132,763
Common stock equivalent shares representing shares issuable upon:
Exercise of Predecessor stock options		—		Anti-dilutive		Anti-dilutive		Anti-dilutive
Exercise of Predecessor warrants		—		Anti-dilutive		Anti-dilutive		Anti-dilutive
Conversion of Predecessor preferred stock		—		—		—		Anti-dilutive
Vesting of Predecessor restricted shares		—		Anti-dilutive		284		813
Exercise of Successor Series A Warrants		Anti-dilutive		—		—		—
Exercise of Successor Series B Warrants		Anti-dilutive		—		—		—
Exercise of Successor Series C Warrants		Anti-dilutive		—		—		—
Weighted average diluted number of common shares outstanding		16,204		158,925		157,295		133,576
Diluted net income (loss) per common share	$	(0.65)	$	(7.27)	$	0.29	$	3.65

Common stock equivalents, including warrants, totaling 6.9 million shares for the period of October 2, 2019 through December 31, 2019 (Successor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net loss. Common stock equivalents, including stock options, restricted shares and warrants totaling 14.1 million shares for the period of January 1, 2019 through October 1, 2019 (Predecessor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net loss.

Common stock equivalents, including stock options, restricted shares and warrants totaling 13.1 million shares for the year ended December 31, 2018 (Predecessor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.

Common stock equivalents, including stock options, restricted shares, warrants, and preferred stock totaling 17.1 million shares for the year ended December 31, 2017 (Predecessor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.

On February 20, 2020 the Successor Company granted under the 2020 Plan stock options and restricted stock units to purchase or receive an aggregate of 1.3 million shares of common stock.