Earnings per share

Prior to our emergence from bankruptcy, we did not present earnings per share (“EPS”) in our financial statements because our common stock did not previously trade on a public market, either on a stock exchange or in the over-the-counter (“OTC”) market. Accordingly, we were permitted under accounting guidance to omit such disclosure. Subsequent to our emergence from bankruptcy, our Class A common stock was quoted on the OTC Pink marketplace under the symbol “CHHP” from May 18, 2017, through May 25, 2017. From May 26, 2017, through July 23, 2018, our Class A common stock was quoted on the OTCQB tier of the OTC Markets Group Inc. under the symbol “CHPE”. Our Class A common stock is currently trading on the NYSE under the symbol “CHAP” upon our listing on that exchange on July 24, 2018. Our Class B common stock was not listed or quoted on the OTCQB or any other national exchange; however, 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. With the conversion, all our common stock is now traded on the NYSE. Our Class A and previous Class B common stock shared equally in dividends and undistributed earnings. We are presenting basic and diluted EPS for all Successor periods subsequent to our emergence from bankruptcy but are not presenting EPS for any Predecessor period.

We are required under accounting guidance to compute EPS using the two-class method that considers multiple classes of common stock and participating securities. All securities that meet the definition of a participating security are to be included in the computation of basic EPS under the two-class method.

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



				Successor
						Period from
						March 22, 2017
	For the Year Ended December 31,					through
(in thousands, except share and per share data)	2019			2018		December 31, 2017
Numerator for basic and diluted earnings per share
Net (loss) income	$	(468,948	)	$	33,442	$	(118,902	)
Denominator for basic earnings per share
Weighted average common shares - Basic for Class A and Class B (1)	45,637,338			45,288,980		44,984,046
Effect of dilutive securities
Dilutive shares from equity compensation awards	—			441,191		—
Denominator for diluted earnings per share
Weighted average common shares - Diluted for Class A and Class B (1)	45,637,338			45,730,171		44,984,046
Earnings (loss) per share
Basic for Class A and Class B (1)	$	(10.28	)	$	0.74	$	(2.64	)
Diluted for Class A and Class B (1)	$	(10.28	)	$	0.73	$	(2.64	)
Securities excluded from earnings per share calculations
Unvested restricted stock awards or units at period end	3,187,231			125,323		1,833,136
Warrants (2)	—			—		140,023

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(1)	Effective December 19, 2018, Class B shares were converted to Class A shares.

(2)

The warrants to purchase shares of our Class A common stock are antidilutive for the period from March 22 to December 31, 2017, 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. They were antidilutive during the first and second quarter of 2018 due to the exercise price exceeding the average price of our Class A shares and hence are omitted from diluted earnings per share for the year ended December 31, 2018.