Earnings Per Share

6 Months Ended

Jun. 30, 2019

Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding for the period. Due to the loss for the six months ended June 30, 2019, dilutive loss per share is the same as basic loss per share as the adjustment for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock and warrants would be anti-dilutive.

The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net loss per common share:


	Three Months Ended June 30, 2019	Three Months Ended June 30, 2018	Six Months Ended June 30, 2019	Six Months Ended June 30, 2018
Basic weighted-average common shares outstanding	50,146,513	49,864,822	50,094,822	49,814,744
Effect of dilutive options, performance stock units and restricted stock	—	—	—	—
Diluted weighted-average shares outstanding	50,146,513	49,864,822	50,094,822	49,814,744

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists, when the exercise price exceeds the average closing price of the Company's common stock during the period, or for contingently issued shares, if the contingency is not met at the end of the reporting period, because their inclusion would result in an anti-dilutive effect on per share amounts.

The following represents amounts that could potentially dilute basic earnings per share in the future:


(in thousands, except share data)	Three Months Ended June 30, 2019	Three Months Ended June 30, 2018	Six Months Ended June 30, 2019	Six Months Ended June 30, 2018
Stock-based compensation awards⁽¹⁾:
Stock options	—	613,243	—	613,243
Restricted stock to non-directors	188,168	480,323	212,271	400,546
Restricted stock to directors	148,284	69,495	140,106	69,018
Warrants:
Private placement warrants	6,160,000	6,160,000	6,160,000	6,160,000
Public warrants	9,823,072	9,823,072	9,823,072	9,823,072

———————————————————————————————

(1) SARs and Phantom Shares are payable in cash so will have no impact on number of shares

Warrants and options are considered anti-dilutive and excluded when the exercise price exceeds the average market value of the Company’s common stock price during the applicable period.