INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

INCOME (LOSS) PER COMMON SHARE

NOTE 18 - INCOME (LOSS) PER COMMON SHARE

The following table shows the computation of basic and diluted net loss per share for the years ended December 31, 2019 and 2018 (in thousands):

	2019			2018
Net loss	$	(272,121	)	$	(4,143	)
Dividends on preferred stock	(25,397		)	(10,687		)
Unallocated net loss	$	(297,518	)	$	(14,830	)
Numerator for basic loss per share:
Net loss attributable to common stockholders	$	(297,518	)	$	(14,830	)
Denominator for basic loss per share:
Basic weighted average common shares outstanding	87,912,362			62,854,214
Net loss per share:
Basic attributable to common stockholders	$	(3.38	)	$	(0.24	)
Numerator for diluted loss per share:
Net loss attributable to common stockholders	$	(297,518	)	$	(14,830	)
Add: interest expense on convertible Second Lien Term Loan	—			13,429
Less: gain on fair value change of embedded derivatives associated with Second Lien Term Loan	—			(35,471		)
Net loss attributable to common stockholders	$	(297,518	)	$	(36,872	)
Denominator for diluted net loss per share:
Basic weighted average common shares outstanding	87,912,362			62,854,214
Dilution effect of if-converted Second Lien Term Loan	—			15,597,127
Diluted weighted average common shares outstanding	87,912,362			78,451,341
Net loss per share - diluted:
Common shares (diluted)	$	(3.38	)	$	(0.47	)

The Company excluded the following shares from the diluted loss per share calculations above because they were anti-dilutive at December 31, 2019 and 2018: 

	December 31,
	2019	2018
Stock Options	3,588,350	5,031,578
Series C Preferred Stock	—	26,295,616
Series D Preferred Stock	—	8,543,670
Stock Purchase Warrants	2,754,062	5,017,329
Series E Preferred Stock	25,667,871	—
Conversion of term loans	—	—
	32,010,283	44,888,193