Note 11: Earnings Per Share

The table below sets forth the reconciliation for net income (loss) and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A and Series B common stock equally share in the distributed and undistributed earnings.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Earnings (Numerator)
Net income (loss)	$	(4,005)	$	(1,036)	$	10,388	$	(5,584)
Less: dividends to participating securities		—		48		—		142
Net income (loss) available to common shareholders	$	(4,005)	$	(1,084)	$	10,388	$	(5,726)

Shares (Denominator)
Weighted average common shares outstanding (basic and diluted)		21,476,029		21,709,557		21,553,625		21,761,110

Income (Loss) Per Share
Basic and diluted	$	(0.19)	$	(0.05)	$	0.48	$	(0.26)

There were no options or RSUs outstanding as of September 30, 2019, that would result in dilution of shares.

In 2018, holders of service-based restricted stock units (“RSUs”) participated in A. H. Belo dividends on a one-for-one share basis. Distributed and undistributed income associated with participating securities was included in the calculation of EPS under the two-class method as prescribed under ASC 260 – Earnings Per Share. The Company considered outstanding stock options and RSUs in the calculation of earnings per share. A total of 610,553 options and RSUs outstanding as of September 30, 2018, were excluded from the calculation because the effect was anti-dilutive.