Earnings Per Share

12 Months Ended

Dec. 31, 2020

Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding for the period. The Company had a loss for the year ended December 31, 2020 and December 31, 2019. Therefore, the effect of convertible preferred stock and stock-based awards including options, restricted stock, restricted stock units and warrants outstanding at December 31, 2020 and December 31, 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:


	Year Ended December 31, 2020	Year Ended December 31, 2019	Year Ended December 31, 2018
Basic weighted-average common shares outstanding	50,770,429	50,123,565	49,883,739
Effect of dilutive options, performance stock units and restricted stock	—	—	—
Diluted weighted-average shares outstanding	50,770,429	50,123,565	49,883,739

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 such 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 weighted average number of shares that could potentially dilute basic earnings per share in the future:


	Year Ended December 31, 2020	Year Ended December 31, 2019
Convertible preferred stock	13,064,286	—
Stock-based compensation awards (1):
Stock options	803,086	848,862
Restricted Stock Units	1,358,787	585,052
Warrants:
Private placement warrants	3,584,918	6,160,000
Public warrants	5,716,706	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.