Stockholders’ Equity

Common Stock — Our authorized capital stock consists of 60,000,000 shares of common stock with a par value of $0.01 per share; of which, 30,847,269 and 30,801,255 shares were issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.

Preferred Stock — Our authorized capital stock also consists of 5,000,000 shares of preferred stock with a par value of $0.01 per share; no preferred shares were outstanding as of March 31, 2020 and December 31, 2019.

Earnings Per Share — Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings 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 per share for the three months ended March 31, 2020 and 2019 includes the effect of potential common shares issuable when dilutive, and is as follows:



	Three Months Ended March 31,
	2020			2019 (as restated)
Net income	$	(24,594	)	$	9,986
Weighted average number of common shares outstanding (in '000s)	30,806			30,513
Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s)	—			181
Dilutive shares outstanding	30,806			30,694
Basic (loss) earnings per share	$	(0.80	)	$	0.33
Diluted (loss) earnings per share	$	(0.80	)	$	0.33

The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 3 for details.

There were no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2020 and 190,803 outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per shares for the three months ended March 31, 2019.

Dividends — We have not declared or paid any cash dividends in the past. The terms of our debt and credit facilities (as described in Note 14) restrict the payment or distribution of our cash and other assets, including cash dividend payments.

The changes in stockholder's equity are as follows:



	Three Months Ended March 31, 2020
	Common Stock			Treasury Stock			Additional Paid In Capital		Retained Deficit			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
	Shares (in thousands)	Amount		Treasury Stock			Additional Paid In Capital		Retained Deficit			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
Balance - December 31, 2019	30,801	$	323	$	(11,230	)	$	245,852	$	(60,307	)	$	(45,950	)	$	128,688
Share-based compensation expense	46	—		—			862		—			—			862
Total comprehensive loss	—	—		—			—		(24,594		)	(8,030		)	(32,624		)
Balance - March 31, 2020	30,847	$	323	$	(11,230	)	$	246,714	$	(84,901	)	$	(53,980	)	$	96,926



	Three Months Ended March 31, 2019
	Common Stock			Treasury Stock			Additional Paid In Capital		Retained Deficit ¹			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
	Shares (in thousands)	Amount		Treasury Stock			Additional Paid In Capital		Retained Deficit ¹			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
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


^1.	The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 3 for details.