Loss per Common Share

9 Months Ended

Sep. 30, 2020

The computations of basic and diluted income (loss) attributable to common shareholders per share for the three and nine months ended September 30, 2020 and 2019 are as follows (in thousands, except share data and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net loss attributable to common shareholders	$	(68,149)	$	(24,635)	$	(135,669)	$	(69,154)
Denominator:
Basic – weighted average common shares outstanding	30,584,719		33,033,420		30,552,233		33,010,100
Effect of dilutive securities	—		—		—		—
Diluted – weighted average common shares outstanding	30,584,719		33,033,420		30,552,233		33,010,100

Basic loss per common share	$	(2.23)	$	(0.75)	$	(4.44)	$	(2.09)
Diluted loss per common share	$	(2.23)	$	(0.75)	$	(4.44)	$	(2.09)

For the three months ended September 30, 2020 and 2019, RPS, RPS 2, restricted stock units, and stock options for a potential 2,222,118 and 2,737,679 shares, respectively, were not included in the calculation of diluted earnings per share because we recorded a net loss during these periods and the effects were anti-dilutive. For the nine months ended September 30, 2020 and 2019, RPS, RPS 2, restricted stock units, and stock options for a potential 2,377,628 and 2,698,524 shares, respectively, were not included in the calculation of diluted earnings per share because we recorded a net loss during these periods and the effects were anti-dilutive. Potentially dilutive instruments issued by Ben LP that are ultimately exchangeable into GWG common stock were also excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2020 because we recorded a net loss during this period and the effects were anti-dilutive.