Earnings Per Share

6 Months Ended

Jun. 30, 2020

12. Earnings Per Share

The following table sets forth the components of diluted loss per share (in thousands, except share and per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
Numerator
Net income (loss)	$	3,995	$	(25,017)	$	(16,220)	$	(43,525)

Denominator
Weighted average common stock outstanding – basic	56,272,446		53,714,998		55,107,940		53,672,835
Stock options using the treasury method	2,628		—		—		—
Restricted stock	521,862		—		—		—
Weighted average common stock outstanding – diluted	56,796,936		53,714,998		55,107,940		53,672,835

Loss per basic common share	$	0.07	$	(0.47)	$	(0.29)	$	(0.81)
Loss per diluted common share	$	0.07	$	(0.47)	$	(0.29)	$	(0.81)

We excluded the items presented below from the calculation of diluted loss per share as they were antidilutive for the periods indicated:


	Three months ended June 30,			Six months ended June 30,
	2020	2019	2020	2019
Denominator (in weighted-average shares)
Stock options	—	63,525	51,003	55,747
Restricted stock	—	500,142	671,200	410,890

Pursuant to the Amended AMA, we have the flexibility to pay up to 25% of the Incentive Fee to AAMC in shares of our common stock. In addition, up to 50% of a Termination Fee, if payable, may be paid in shares of our common stock. Should we choose to do make any such payments in shares of our common stock, our earnings available to common stockholders would be diluted to the extent of such issuance.