EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

The following table represents the Company's basic and dilutive weighted average shares:



	Year ended December 31,
	2019	2018	2017
	(in thousands)
Basic weighted average common shares outstanding	83,720	83,364	68,789
Effect of dilutive stock-based compensation awards	—	115	—
Effect of dilutive underlying shares of the convertible preferred stock	—	2,692	—
Diluted weighted averages common shares outstanding	83,720	86,171	68,789

For the year ended December 31, 2019 and 2017, all 3.9 million and 4.0 million outstanding stock-based awards, respectively, were excluded from the computation of diluted EPS because the Company was in a net loss position and as a result, inclusion of the awards would have been anti-dilutive. For the year ended December 31, 2018, the following awards were not included in the computation of diluted EPS because the impact of applying the treasury stock method was anti-dilutive or because certain conditions have not been met with respect to the Company's performance awards.



Anti-dilutive:
Time-based options and restricted stock awards		2,944
Performance-based restricted stock units		321
Contingently issuable:
Performance-based restricted stock awards with a market condition		281
Total stock-based awards excluded from diluted EPS		3,546

In connection with the issuance of the Convertible Preferred Stock as described in Note 14, "Mezzanine Equity", the Company had 300,000 and 100,000 convertible preferred shares outstanding as of December 31, 2019 and 2018, respectively. The Company applied the if-converted method to calculate dilution on the Convertible Preferred Stock, which resulted in all 54.0 million underlying weighted average convertible shares being anti-dilutive for the year ended December 31, 2019 and 2.7 million underlying weighted average convertible shares being dilutive for the year ended December 31, 2018.

In connection with the exchange of the Company's Notes as described in Note 8, "Long-Term Debt / Interest Expense," the Company issued 14.6 million shares, which are included in basic and diluted earnings per share for the weighted average days

they were outstanding in 2017. The remaining underlying convertible shares were anti-dilutive in 2017. The Company applied the if-converted method to calculate dilution on the Notes in 2019 and 2018, which has resulted in all 2.4 million and 2.9 million underlying convertible shares, respectively, being anti-dilutive.

The computations for basic and diluted earnings per common share are as follows:



	Year ended December 31,
	2019			2018		2017
	(in thousands, except per share data)
(Loss) earnings per common share - Basic
Net (loss) income	$	(35,112	)	$	69,780	$	(150,262	)
Cumulative undeclared convertible preferred stock dividend	18,810			957		—
Net (loss) income attributable to common shareholders	(53,922		)	68,823		(150,262		)
Weighted average common shares outstanding - basic	83,720			83,364		68,789
(Loss) income per common share - basic	$	(0.64	)	$	0.83	$	(2.18	)
(Loss) income per common share - Diluted
Net (loss) income	$	(35,112	)	$	69,780	$	(150,262	)
Cumulative undeclared convertible preferred stock dividend	18,810			—		—
Net (loss) income attributable to common shareholders	(53,922		)	69,780		(150,262		)
Weighted average common shares outstanding - diluted	83,720			86,171		68,789
(Loss) income per common share - diluted	$	(0.64	)	$	0.81	$	(2.18	)