Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The Company had a loss for the three months ended March 31, 2020 and 2019. Therefore, the effect of stock-based awards including options, restricted stock, restricted stock units and warrants outstanding at March 31, 2020 and 2019, 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:


	Three Months Ended March 31, 2020	Three Months Ended March 31, 2019
Basic weighted-average common shares outstanding	50,525,781	50,042,054
Effect of dilutive options, performance stock units and restricted stock	—	—
Diluted weighted-average shares outstanding	50,525,781	50,042,054

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


	Three Months Ended March 31, 2020	Three Months Ended March 31, 2019
Stock-based compensation awards⁽¹⁾:
Stock options	862,945	962,795
Restricted stock to non-directors	592,833	692,947
Restricted stock to directors	—	64,369
Warrants:
Private placement warrants	6,160,000	6,160,000
Public warrants	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.