Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.

The company computed diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities. In addition, due to the presentation of GPCC as discontinued operations, the company has presented basic and diluted earnings per share from both continuing operations and from discontinued operations.


	Year Ended December 31,
	2019		2018		2017
Basic EPS:
Net income (loss) from continuing operations ⁽¹⁾	$	(167,689)	$	4,384	$	56,063
Net income from discontinued operations		829		11,539		4,998
Net income (loss) attributable to Green Plains	$	(166,860)	$	15,923	$	61,061

Weighted average shares outstanding - basic		38,111		40,320		39,247

EPS from continuing operations - basic	$	(4.40)	$	0.11	$	1.43
EPS from discontinued operations - basic		0.02		0.28		0.13
EPS - basic	$	(4.38)	$	0.39	$	1.56


Diluted EPS:
Net income (loss) from continuing operations ⁽¹⁾	$	(167,689)	$	4,384	$	56,063
Interest and amortization on convertible debt, net of tax effect:
3.25% notes		-		-		4,433
4.125% notes		-		-		8,159
Net income (loss) from continuing operations -diluted	$	(167,689)	$	4,384	$	68,655
Net income from discontinued operations - diluted		829		11,539		4,998
Net income (loss) attributable to Green Plains - diluted	$	(166,860)	$	15,923	$	73,653

Weighted average shares outstanding - basic		38,111		40,320		39,247
Effect of dilutive convertible debt:
3.25% notes		-		-		4,209
4.125% notes		-		-		6,071
Effect of dilutive stock-based compensation awards		-		934		713
Weighted average shares outstanding - diluted		38,111		41,254		50,240

EPS from continuing operations - diluted	$	(4.40)	$	0.11	$	1.37
EPS from discontinued operations - diluted		0.02		0.28		0.10
EPS - diluted	$	(4.38)	$	0.39	$	1.47

Anti-dilutive weighted-average convertible debt and stock-based compensation⁽²⁾		10,560		7,283		-

(1)Net income (loss) from continuing operations can be recalculated from the consolidated statements of operations by taking the net income (loss) from continuing operations including noncontrolling interest less net income attributable to noncontrolling interests.

(2)The effect related to the company’s convertible debt and stock-based compensation awards have been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.