Stockholders’ Equity

Common Stock - Our authorized capital stock includes common stock of 60,000,000 shares with a par value of $0.01 per share, with 30,801,255 and 30,512,843 shares outstanding as of December 31, 2019 and 2018, respectively.

Preferred Stock - Our authorized capital stock includes preferred stock of 5,000,000 shares with a par value of $0.01 per share, with no shares outstanding as of December 31, 2019 and 2018.

Earnings (Loss) Per Share - Basic earnings (loss) per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share presented is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the treasury stock method. Potential common shares are included in the diluted earnings per share calculation when dilutive.

Diluted earnings (loss) per share for years ended December 31, 2019, 2018 and 2017 includes the effects of potential common shares when dilutive. Net income has been restated in 2018 and corrected for immaterial errors in 2017, along with its impact to Basic and Dilutive EPS as discussed in Note 2, and is as follows:



	2019		2018 (as restated)		2017
Net income (loss) attributable to common stockholders	$	15,778	$	41,489	$	(2,269	)
Weighted average number of common shares outstanding	30,602		30,277		29,942
Dilutive effect of restricted stock grants after application of the treasury stock method	221		310		—
Dilutive shares outstanding	30,823		30,587		29,942
Basic earnings (loss) per share attributable to common stockholders	$	0.52	$	1.37	$	(0.08	)
Diluted earnings (loss) per share attributable to common stockholders	$	0.51	$	1.36	$	(0.08	)

The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details.

There were no anti-dilutive shares for the year ended December 31, 2019. For the year ended December 31, 2018, diluted earnings (loss) per share excludes 55 thousand shares, of nonvested restricted stock as the effect would have been anti-dilutive.

Dividends — We have not declared or paid any cash dividends in the past. The terms of the Third ARLS Agreement and the Term Loan Facility restrict the payment or distribution of our cash or other assets, including cash dividend payments.

The changes in stockholder's equity are as follows:



	Twelve Months Ended December 31, 2019
	Common Stock				Treasury Stock			Additional Paid In Capital		Retained Deficit ¹			Accumulated Other Comp. Loss			Total Stockholders’ Equity
	Shares		Amount		Treasury Stock			Additional Paid In Capital		Retained Deficit ¹			Accumulated Other Comp. Loss			Total Stockholders’ Equity
	(Unaudited)
December 31, 2018 (as restated)	30,513		$	318	$	(10,245	)	$	243,007	$	(76,013	)	$	(47,471	)	$	109,596
Share-based compensation expense	—		—		—			761		—			—			761
Cumulative effect of adoption of Topic 842	—		—		—			—		(72		)	—			(72		)
Total comprehensive income (as restated)	—		—		—			—		9,986			(206		)	9,780
March 31, 2019 (as restated)	30,513		$	318	$	(10,245	)	$	243,768	$	(66,099	)	$	(47,677	)	$	120,065
Share-based compensation expense	68		1		—			718		—			—			719
Total comprehensive income (as restated)	—		—		—			—		6,146			1,955			8,101
June 30, 2019 (as restated)	30,581		$	319	$	(10,245	)	$	244,486	$	(59,953	)	$	(45,722	)	$	128,885
Share-based compensation expense	—		—		—			721		—			—			721
Total comprehensive income (as restated)	—		—		—			—		7,180			(5,998		)	1,182
September 30, 2019 (as restated)	30,581		$	319	$	(10,245	)	$	245,207	$	(52,773	)	$	(51,720	)	$	130,788
Issuance of restricted stock	351		4		—			—		—			—			4
Surrender of common stock by employees	(131	)	—		(985		)	—		—			—			(985		)
Share-based compensation expense	—		—		—			645		—			—			645
Total comprehensive income	—		—		—					(7,534		)	5,770			(1,764		)
December 31, 2019	30,801		$	323	$	(11,230	)	$	245,852	$	(60,307	)	$	(45,950	)	$	128,688

⁽¹⁾ The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Notes 2 and 19 for details.



	Twelve Months Ended December 31, 2018
	Common Stock				Treasury Stock			Additional Paid In Capital		Retained Deficit ¹			Accumulated Other Comp. Loss			Total Stockholders’ Equity
	Shares		Amount		Treasury Stock			Additional Paid In Capital		Retained Deficit ¹			Accumulated Other Comp. Loss			Total Stockholders’ Equity
	(Unaudited)
December 31, 2017	30,219		$	304	$	(9,114	)	$	239,870	$	(117,502	)	$	(41,235	)	$	72,323
Share-based compensation expense	—		—		—			673		—			—			673
Total comprehensive income (as restated)	—		—		—			—		9,444			1,132			10,576
March 31, 2018 (as restated)	30,219		$	304	$	(9,114	)	$	240,543	$	(108,058	)	$	(40,103	)	$	83,572
Share-based compensation expense	—		—		—			844		—			—			844
Total comprehensive income (as restated)	—		—		—			—		12,671			(5,898		)	6,773
June 30, 2018 (as restated)	30,219		$	304	$	(9,114	)	$	241,387	$	(95,387	)	$	(46,001	)	$	91,189
Share-based compensation expense	—		—		—			780		—			—			780
Total comprehensive income (as restated)	—		—		—			—		11,277			(2,589		)	8,688
September 30, 2018 (as restated)	30,219		$	304	$	(9,114	)	$	242,167	$	(84,110	)	$	(48,590	)	$	100,657
Issuance of restricted stock	452		14					—		—			—			14
Surrender of common stock by employees	(158	)			(1,131		)	—		—			—			(1,131		)
Share-based compensation expense	—		—		—			840		—			—			840
Total comprehensive income (as restated)	—		—		—			—		8,097			1,119			9,216
December 31, 2018 (as restated)	30,513		$	318	$	(10,245	)	$	243,007	$	(76,013	)	$	(47,471	)	$	109,596

⁽¹⁾ The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Notes 2 and 19 for details.