EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2019

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible Performance Units that were outstanding during the six and three months ended June 30, 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 six and three months ended June 30, 2019 and 2018.

(in thousands, except per-share information)
				Six Months Ended June 30,				Three Months Ended June 30,
				2019		2018		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		$	14,130	$	(15,030)	$	3,533	$	1,347
Weighted average shares of common stock:
	Shares of common stock outstanding at the balance sheet date			54,283		52,035		54,283		52,035
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		54		-		54		57
	Effect of weighting			(3,574)		760		(1,736)		495
Weighted average shares-basic and diluted				50,763		52,795		52,601		52,587
Net income (loss) per common share:
	Basic and diluted		$	0.28	$	(0.29)	$	0.07	$	0.03
Anti-dilutive incentive shares not included in calculation.				-		51		-		-