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Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two-class method or if-converted method. The two-class method allocates earnings and losses between common shares and participating securities. Diluted EPS excludes potential shares of common stock if their effect is anti-dilutive.

As a result of the Recapitalization, the Company has retrospectively adjusted the weighted average Class A units outstanding prior to July 25, 2018 by multiplying them by the exchange ratio used to determine the number of Class A common shares into which they converted.














The following tables set forth the computation of the Company's basic and diluted earnings (loss) per share:
 
Quarter ended
September 30,
 
Three quarters ended September 30,
(in thousands except per share data)
2018
 
2017
 
2018
 
2017
Numerator:
 
 
 
 
 
 
 
Net (loss) income
$
(2,562
)
 
$
2,258

 
(11,367
)
 
$
2,719

Less:  Distributions to participating securities
—

 
(63
)
 
(45
)
 
(144
)
Net (loss) income available to common stockholders
$
(2,562
)
 
$
2,195

 
$
(11,412
)
 
$
2,575

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
64,152

 
66,330

 
60,339

 
67,430

 
 
 
 
 
 
 
 
Basic (loss) earnings per share
$
(0.04
)
 
$
0.03

 
$
(0.19
)
 
$
0.04


 
Quarter ended
September 30,
 
Three quarters ended September 30,
(in thousands except per share data)
2018
 
2017
 
2018
 
2017
Numerator:
 
 
 
 
 
 
 
Net (loss) income
$
(2,562
)
 
$
2,258

 
(11,367
)
 
$
2,719

Less: Gain on warrant liability
(72
)
 
—

 
—

 
—

Less:  Distributions to participating securities
—

 
(63
)
 
(45
)
 
(144
)
Net (loss) income available to common stockholders
$
(2,634
)
 
$
2,195

 
$
(11,412
)
 
$
2,575

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
64,152

 
66,330

 
60,339

 
67,430

Dilutive common share equivalents
392

 
—

 
—

 
—

Weighted average diluted shares outstanding
64,544

 
66,330

 
60,339

 
67,430

 
 
 
 
 
 
 
 
Diluted (loss) earnings per share
$
(0.04
)
 
$
0.03

 
$
(0.19
)
 
$
0.04




Anti-dilutive securities that were excluded from EPS that could potentially be dilutive in future periods are as follows:
 
Quarter ended
September 30,
 
Three quarters ended September 30,
 
2018
 
2017
 
2018
 
2017
Warrants on common stock
5,731,216

 
—

 
5,731,216

 
—



The Company also has various contingent share arrangements that were excluded from EPS as they were anti-dilutive for the periods presented.