EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible shares of restricted common stock, Performance Units and Deferred Stock Units that were outstanding during the years ended December 31, 2019, 2018 and 2017. The basic and diluted per share computations include these unvested shares of restricted common stock, Performance Units and Deferred Stock Units if there is income available to common stock, as they have dividend participation rights. The unvested shares of restricted common stock, Performance Units and Deferred Stock Units have no contractual obligation to share in losses. Because there is no such obligation, the unvested shares of restricted common stock, Performance Units and Deferred Stock 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, 2019, 2018 and 2017.

(in thousands, except per-share information)
				2019		2018		2017
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
	Net income (loss) - Basic and diluted		$	24,265	$	(44,387)	$	2,007
Weighted average shares of common stock:
	Shares of common stock outstanding at the balance sheet date			63,062		49,132		53,062
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		63		-		42
	Effect of weighting			(6,797)		3,066		(12,042)
Weighted average shares-basic and diluted				56,328		52,198		41,062
Net income (loss) per common share:
	Basic and diluted		$	0.43	$	(0.85)	$	0.05
Anti-dilutive incentive shares not included in calculation.				-		56		-