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Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Income (Loss) Per Share 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 June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss) attributable to common stockholders – basic and diluted:
 
 
 
 
 
 
 
Net income (loss) attributable to the Company
$
(7,996
)
 
$
112

 
$
(185,636
)
 
$
822

Less: Dividends on preferred stock, declared and undeclared (1)
(7,940
)
 
(2,791
)
 
(15,815
)
 
(5,583
)
Less: Amortization of preferred stock discount
(795
)
 
(484
)
 
(1,605
)
 
(975
)
Undistributed net income (loss) allocated to common stockholders
(16,731
)
 
(3,163
)
 
(203,056
)
 
(5,736
)
Distributed and undistributed net income (loss) - basic
$
(16,731
)
 
$
(3,163
)
 
$
(203,056
)
 
$
(5,736
)
Effect of deferred compensation plan
—

 
(4,817
)
 
—

 
(4,077
)
Effect of incremental subsidiary shares
—

 
(171
)
 
—

 
(373
)
Distributed and undistributed net income (loss) - diluted
$
(16,731
)
 
$
(8,151
)
 
$
(203,056
)
 
$
(10,186
)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
2,269

 
2,462

 
2,236

 
2,441

Effect of deferred compensation plan shares
—

 
203

 
—

 
101

Effect of incremental subsidiary shares
—

 
52

 
—

 
41

Weighted average common shares outstanding – diluted
2,269

 
2,717

 
2,236

 
2,583

 
 
 
 
 
 
 
 
Income (loss) per share – basic:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(7.37
)
 
$
(1.28
)
 
$
(90.81
)
 
$
(2.35
)
Income (loss) per share – diluted:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
(7.37
)
 
$
(3.00
)
 
$
(90.81
)
 
$
(3.94
)
________
(1) 
As of June 30, 2020, the Company had aggregate undeclared preferred stock dividends of approximately $7.9 million. Undeclared dividends were deducted to arrive at net income attributable to common stockholders. See note 11.
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 June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss) allocated to common stockholders is not adjusted for:
 
 
 
 
 
 
 
Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings
(25
)
 
(6
)
 
(361
)
 
(10
)
Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock
(619
)
 
(133
)
 
(723
)
 
94

Dividends on preferred stock, declared and undeclared
7,940

 
2,791

 
15,815

 
5,583

Amortization of preferred stock discount
795

 
484

 
1,605

 
975

Total
$
8,091

 
$
3,136

 
$
16,336

 
$
6,642

Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
15

 
11

 
34

 
10

Effect of assumed exercise of stock options
—

 
16

 
—

 
40

Effect of assumed conversion of Ashford Holdings units
4

 
4

 
4

 
4

Effect of incremental subsidiary shares
561

 
72

 
481

 
59

Effect of assumed conversion of preferred stock
4,068

 
1,450

 
4,068

 
1,450

Total
4,648

 
1,553

 
4,587

 
1,563