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 automatically 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 September 30,						Nine months ended September 30,
(in thousands, except share and per share data)	2019			2018			2019			2018
Numerator for basic and diluted earnings per share
Net loss	$	(130,935	)	$	(12,068	)	$	(279,704	)	$	(45,503	)
Denominator for basic earnings per share
Weighted average common shares - Basic for Class A and Class B (1)	45,716,522			45,333,745			45,605,798			45,272,595
Denominator for diluted earnings per share
Weighted average common shares - Diluted for Class A and Class B (1)	45,716,522			45,333,745			45,605,798			45,272,595
Earnings per share
Basic for Class A and Class B (1)	$	(2.86	)	$	(0.27	)	$	(6.13	)	$	(1.01	)
Diluted for Class A and Class B (1)	$	(2.86	)	$	(0.27	)	$	(6.13	)	$	(1.01	)
Participating securities excluded from earnings per share calculations
Unvested restricted stock units - stock settled	838,552			—			838,552			—
Unvested restricted stock awards	680,152			1,126,669			680,152			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 consisted only of Class A common stock. Earnings per share for the three and nine months ended September 30, 2018 reflects earnings per share for Class A and Class B common stock in aggregate whereas earnings per share for the three and nine months ended September 30, 2019 reflects earnings per share for Class A common stock.