Income (Loss) Per Share

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):



	Three Months Ended March 31,
	2020			2019
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$	(177,640	)	$	710
Less: Dividends on preferred stock, declared and undeclared ⁽¹⁾	(7,875		)	(2,791		)
Less: Amortization of preferred stock discount	(810		)	(491		)
Undistributed net income (loss) allocated to common stockholders	(186,325		)	(2,572		)
Distributed and undistributed net income (loss) - basic	$	(186,325	)	$	(2,572	)
Effect of incremental subsidiary shares	—			(202		)
Distributed and undistributed net income (loss) - diluted	$	(186,325	)	$	(2,774	)

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	2,199			2,419
Effect of incremental subsidiary shares	—			30
Weighted average common shares outstanding – diluted	2,199			2,449

Income (loss) per share – basic:
Net income (loss) allocated to common stockholders per share	$	(84.73	)	$	(1.06	)
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders per share	$	(84.73	)	$	(1.13	)

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⁽¹⁾	For the three months ended March 31, 2020, $3.9 million in cumulative unpaid dividends to holders of the Series D Convertible Preferred Stock were not declared by the Board. Undeclared dividends were deducted to arrive at net income attributable to common stockholders.

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands):



	Three Months Ended March 31,
	2020			2019
Net income (loss) allocated to common stockholders is not adjusted for:
Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings	(336		)	(4		)
Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock	(104		)	227
Dividends on preferred stock, declared and undeclared	7,875			2,791
Amortization of preferred stock discount	810			491
Total	$	8,245		$	3,505
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares	52			9
Effect of assumed exercise of stock options	—			65
Effect of assumed conversion of Ashford Holdings units	4			4
Effect of incremental subsidiary shares	402			46
Effect of assumed conversion of preferred stock	4,068			1,450
Total	4,526			1,574