EARNINGS PER SHARE

12 Months Ended

Dec. 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 years ended December 31, 2018, 2017 and 2016. 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 years ended December 31, 2018, 2017 and 2016.

(in thousands, except per-share information)
				2018		2017		2016
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
	Net (loss) income - Basic and diluted		$	(44,387)	$	2,007	$	1,979
Weighted average shares of common stock:
	Shares of common stock outstanding at the balance sheet date			49,132		53,062		32,963
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		-		42		53
	Effect of weighting			3,066		(12,042)		(8,916)
Weighted average shares-basic and diluted				52,198		41,062		24,100
Net (loss) income per common share:
	Basic and diluted		$	(0.85)	$	0.05	$	0.08
Anti-dilutive incentive shares not included in calculation.				56		-		-