EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2019

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible Performance Units that were outstanding during the three months ended March 31, 2019 and 2018. The basic and diluted per share computations include these unvested Performance Units if there is income available to common stock, as they have dividend participation rights. The Performance Units have no contractual obligation to share in losses. Because there is no such obligation, the 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, 2019 and 2018.

(in thousands, except per-share information)
				Three Months Ended March 31,
				2019		2018
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
	Net income (loss) - Basic and diluted		$	10,597	$	(16,377)
Weighted average shares of common stock:
	Shares of common stock outstanding at the balance sheet date			49,938		53,072
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		55		-
	Effect of weighting			(1,088)		(6)
Weighted average shares-basic and diluted				48,905		53,066
Net income (loss) per common share:
	Basic and diluted		$	0.22	$	(0.31)
Anti-dilutive incentive shares not included in calculation.				-		42