Earnings per share

Although we previously had both Class A and Class B common stock outstanding, where both classes of common stock shared equally in voting power, dividends and undistributed earnings, on December 19, 2018, all outstanding shares of our Class B common stock converted into the same number of shares of Class A common stock.

A reconciliation of the components of basic and diluted EPS is presented below:



	Three months ended June 30,						Six months ended June 30,
(in thousands, except share and per share data)	2019			2018			2019			2018
Numerator for basic and diluted earnings per share
Net loss	$	(45,229	)	$	(21,993	)	$	(148,769	)	$	(33,435	)
Denominator for basic earnings per share
Weighted average common shares - Basic for Class A and Class B (1)	45,641,797			45,338,650			45,549,518			45,241,513
Denominator for diluted earnings per share
Weighted average common shares - Diluted for Class A and Class B (1)	45,641,797			45,338,650			45,549,518			45,241,513
Earnings per share
Basic for Class A and Class B (1)	$	(0.99	)	$	(0.49	)	$	(3.27	)	$	(0.74	)
Diluted for Class A and Class B (1)	$	(0.99	)	$	(0.49	)	$	(3.27	)	$	(0.74	)
Participating securities excluded from earnings per share calculations
Warrants (2)	—			140,023			—			140,023
Unvested restricted stock units - stock settled	81,119			—			81,119			—
Unvested restricted stock awards	706,821			1,126,669			706,821			1,126,669

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(1)

Effective December 19, 2018, all our outstanding Class B shares were converted to Class A shares and subsequently, all our outstanding common stock was comprised only of Class A common stock. Earnings per share for the three and six months ended June 30, 2018 reflects earnings per share for Class A and Class B common stock in aggregate whereas earnings per share for the three and six months ended June 30, 2019 reflects earnings per share for Class A common stock.


(2)	The warrants to purchase shares of our Class A common stock are antidilutive for three and six months ended June 30, 2018, due to the exercise price exceeding the average price of our Class A shares and due to the net loss we incurred. These warrants expired on June 30, 2018.