EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible Performance Units and Deferred Stock Units that were outstanding during the three months ended March 31, 2020 and 2019. The basic and diluted per share computations include these unvested Performance Units and Deferred Stock Units if there is income available to common stock, as they have dividend participation rights. The unvested Performance Units and Deferred Stock Units have no contractual obligation to share in losses. Because there is no such obligation, the unvested 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 three months ended March 31, 2020 and 2019.

(in thousands, except per share information)
				Three Months Ended March 31,
				2020		2019
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
	Net (loss) income - Basic and diluted		$	(91,199)	$	10,597
Weighted average shares of common stock:
	Shares of common stock outstanding at the balance sheet date			66,237		49,938
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		-		55
	Effect of weighting			(1,647)		(1,088)
Weighted average shares-basic and diluted				64,590		48,905
Net (loss) income per common share:
	Basic and diluted		$	(1.41)	$	0.22
Anti-dilutive incentive shares not included in calculation.				67		-