The Company calculates basic and diluted earnings per common share in accordance with ASC 260 “Earnings Per Share,” using the two-class method because the Company’s unvested restricted stock is a participating security since these awards contain non-forfeitable rights to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed.

Basic earnings per common share excludes dilution and is calculated by dividing earnings to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing earnings to common shares by the weighted-average number of common shares, as adjusted for the potentially dilutive effect of stock options.

The following table reconciles earnings (loss) per common share for the years ended December 31, 2018 and 2017:

	Year Ended			Year Ended
	December 31,			December 31,
	2018			2017
Basic Earnings (Loss) per Common Share:
Numerator:
Net loss	$	(32,506	)	$	(25,771	)
Distributed earnings to common shares		—			—
Distributed earnings to participating securities		—			—
Total distributed earnings		—			—
Undistributed loss allocable to common shares		(32,506	)		(25,771	)
Undistributed earnings allocable to participating securities		—			—
Total undistributed loss		(32,506	)		(25,771	)
Loss to common shares — basic	$	(32,506	)	$	(25,771	)
Denominator
Weighted average common shares outstanding — basic		11,360			10,571
Basic earnings (loss) per common share	$	(2.86	)	$	(2.44	)

	Year Ended			Year Ended
	December 31,			December 31,
	2018			2017
Diluted Earnings (Loss) per Common Share:
Numerator:
Loss to common shares — basic	$	(32,506	)	$	(25,771	)
Undistributed earnings allocated to participating securities		—			—
Undistributed earnings reallocated to participating securities		—			—
Loss to common shares — diluted	$	(32,506	)	$	(25,771	)
Denominator
Weighted average common shares outstanding — basic		11,360			10,571
Dilutive effect of stock options		—			—
Weighted average common shares outstanding — diluted		11,360			10,571
Diluted earnings (loss) per common share	$	(2.86	)	$	(2.44	)

There were 475 and 0 common stock equivalents related to stock options that were anti-dilutive and excluded from diluted earnings per common share for the years ended December 31, 2018 and 2017 respectively, because their exercise prices were higher than the average market price of the underlying common stock for the period.

There were 0 and 102 common stock equivalents related to stock options that were anti-dilutive and excluded from diluted earnings per common share for the years ended December 31, 2018 and 2017, respectively, because the Company incurred a net loss for the period.