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(Loss) Earnings per Share and Equity Transactions
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
(Loss) Earnings per Share and Equity Transactions (Loss) Earnings per Share and Equity Transactions
The following table reconciles the amounts used in calculating basic and diluted (loss) income per share:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Numerator:
 
 
 
 
 
 
 
 
Net (loss) income from continuing operations
 
$
(9,611
)
 
$
6,278

 
$
(13,097
)
 
$
10,279

Net loss from discontinued operations
 
$
—

 
$
(12,000
)
 
$
—

 
$
(25,500
)
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
720,849,620

 
728,654,374

 
720,837,742

 
728,606,945

Effect of unvested restricted shares (a)
 
—

 
633,289

 
—

 
16,392

Weighted average number of common shares outstanding - diluted
 
720,849,620

 
729,287,663

 
720,837,742

 
728,623,337

 
 
 
 
 
 
 
 
 
Basic and diluted (loss) income per common share:
 
 
 
 
 
 
 
 
Net (loss) income from continuing operations per common share
 
$
(0.01
)
 
$
0.01

 
$
(0.02
)
 
$
0.01

Net loss from discontinued operations per common share
 
—

 
(0.02
)
 
—

 
(0.03
)
Net loss per common share
 
$
(0.01
)
 
$
(0.01
)
 
$
(0.02
)
 
$
(0.02
)

(a)
For the three and six months ended June 30, 2020, the Company has excluded the anti-dilutive effect of unvested restricted shares.
On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program ("SRP"), authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations, to provide limited liquidity to stockholders. The Company's obligation to repurchase any shares under the SRP was conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share for all stockholders is equal to a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Company's Board of Directors (the "Board"), which was $3.14 per share as of May 1, 2019. During the three and six months ended June 30, 2020, 2,136,119 shares were repurchased in connection with the SRP.
On November 1, 2019, the Company began offering shares of the Company's common stock to existing stockholders pursuant to the Company's Amended and Restated Distribution Reinvestment Plan ("DRP"). Under the DRP, stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock into additional shares of the Company's common stock in lieu of receiving cash distributions. In accordance with the DRP, participants may acquire shares of common stock at a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Board, which was $3.14 per share as of May 1, 2019. During the three and six months ended June 30, 2020, 57,791 and 79,040 shares, respectively, were issued pursuant to the DRP.
Effective July 11, 2020, the Company suspended the SRP and the DRP until further notice.