Earnings Per Share

12 Months Ended

Dec. 31, 2019

Basic earnings (loss) per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding for the period. The Company had a loss for the year ended December 31, 2019 and December 31, 2018. Therefore, the effect of stock-based awards including options, restricted stock, restricted stock units, and warrants outstanding at December 31, 2019 and December 31, 2018, respectively, have not been included in the computation of diluted loss per share because their inclusion would have been anti-dilutive.

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


	Year Ended December 31, 2019	Year Ended December 31, 2018	Year Ended December 31, 2017
Basic weighted-average common shares outstanding	50,123,565	49,883,739	49,808,600
Effect of dilutive options, performance stock units and restricted stock	—	—	382,703
Dilute weighted-average shares outstanding	50,123,565	49,883,739	50,191,303

Securities that could potentially be dilutive are excluded from the computation of diluted earnings (loss) 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 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 the number of shares that could potentially dilute basic earnings per share in the future:


Stock-based compensation awards ⁽¹⁾:
Stock options			848,862
Restricted Stock Units			585,052
Warrants:
Private placement warrants			6,160,000
Public warrants			9,823,072

(1) SARs and Phantom Options are payable in cash so will therefore 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.