Earnings Per Share

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 in the quarter, 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 March 31, 2018	Three Months Ended March 31, 2017
Basic weighted-average common shares outstanding	49,741,593	49,661,469
Effect of dilutive options, performance stock units and restricted stock	—	—
Dilute weighted-average shares outstanding	49,741,593	49,661,469

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company's common stock during the 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 March 31, 2018	Three Months Ended March 31, 2017
Stock-based compensation awards⁽¹⁾:
Stock options	63,019	926,898
Restricted stock to non-directors	610,642	797,401
Restricted stock to directors	122,929	78,754
Warrants:
Private placement warrants	6,160,000	6,160,000
Public warrants	9,823,072	9,823,072

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(1)	SARs and Phantom Shares 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. Performance share units are considered anti-dilutive if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period.