EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2018

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible shares of restricted common stock and Performance Units that were outstanding during the three months ended March 31, 2018 and 2017. The basic and diluted per share computations include these unvested shares of restricted common stock and performance units if there is income available to common stock, as they have dividend participation rights. The shares of restricted common stock and Performance Units have no contractual obligation to share in losses. Because there is no such obligation, the shares of restricted common stock and Performance Units are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the three months ended March 31, 2018 and 2017.

(in thousands, except per-share information)
				Three Months Ended March 31,
				2018		2017
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
	Net (loss) income - Basic and diluted		$	(16,377)	$	2,449
Weighted average shares of common stock:
	Shares of common stock outstanding at the balance sheet date			53,072		34,270
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		-		64
	Effect of weighting			(6)		(1,265)
Weighted average shares-basic and diluted				53,066		33,069
Net (loss) income per common share:
	Basic and diluted		$	(0.31)	$	0.07

There was an average of 41,550 Performance Units that were anti-dilutive and not included in diluted EPS for the three months ended March 31, 2018.