NOTE 18 – EARNINGS PER SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the Company’s earnings.

For the years ended December 31, 2019, 2018 and 2017 shares of the Company’s 7.625% Series A Convertible Cumulative Preferred Stock (Series A Preferred Stock) were not included in the computation of diluted earnings per share as their effects were anti-dilutive.

The following table reconciles basic weighted average common stock outstanding to diluted weighted average common stock outstanding:


	Year Ended December 31,
(In millions except per share data)	2019		2018		2017
Numerator
Net income (loss)	$	(307.4)	$	(5.2)	$	27.0
Preferred stock dividends		(5.0)		(4.9)		(5.0)
Net income (loss) available to common stockholders	$	(312.4)	$	(10.1)	$	22.0

Denominator
Basic weighted average common shares outstanding		64,303,438		61,654,820		37,592,549
Effect of dilutive securities:
Equivalent shares issuable upon achievement of Merger Agreement earn-out provision		—		—		1,250,000
Equivalent shares issuable upon exercises of stock options		—		—		254,312
Equivalent shares of restricted stock units		—		—		496,840
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions		64,303,438		61,654,820		39,593,701

Basic earnings (loss) per common share	$	(4.86)	$	(0.16)	$	0.59

Diluted earnings (loss) per common share	$	(4.86)	$	(0.16)	$	0.56