NOTE 11. LOSS PER COMMON SHARE

Our Series C warrants, Series D warrants and Series E warrants are considered to be participating securities as they are entitled to dividends based on dividends paid on our common stock. Accordingly, beginning in 2018, we are now required to apply the two–class method to calculate basic and diluted loss per share. Under the two–class method, basic loss per share is computed by dividing net loss available to common stockholders, after deducting the amount allocated to participating securities, by the weighted average number of common shares outstanding during each period. Diluted loss per share is computed by dividing net loss available to common stockholders, after deducting the amount allocated to participating securities, by the sum of the weighted average number of shares outstanding during each period and the dilutive potential common shares outstanding during the period determined under the treasury stock method.

The computation of basic and diluted loss per share is as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2018			2018
Net loss attributable to SAExploration	$	(25,307	)	$	(61,021	)
Amortization of discount on Series A and Series B preferred stock		(5,336	)		(72,762	)
Accretion of Series A preferred stock to redemption value		—			21,376
Dividends on Series A preferred stock		(495	)		(1,614	)
Allocation of earnings to participating securities ⁽¹⁾		—			—
Loss available to common stockholders of SAExploration	$	(31,138	)	$	(114,021	)

Weighted average common shares outstanding (basic and diluted)		1,120			804

Loss per share available to common stockholders of SAExploration (basic and diluted)	$	(27.80	)	$	(141.82	)

Anti-dilutive shares excluded from diluted loss available to common stockholders of SAExploration ⁽²⁾		6,001			6,001

	Three Months Ended September 30,			Nine Months Ended September 30,
	2017			2017
Net loss attributable to SAExploration	$	(13,770	)	$	(24,830	)

Weighted average common shares outstanding (basic and diluted)		470			469

Net loss per share (basic and diluted)	$	(29.30	)	$	(52.94	)

Anti-dilutive shares excluded from diluted loss per share ⁽²⁾		26			26

⁽¹⁾	Participating securities are not allocated losses as they do not participate in losses.

⁽²⁾	Includes warrants and unvested equity–based compensation.