Earnings per share

Basic earnings per share (“EPS”) is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Potentially dilutive securities include employee stock options and shares of restricted stock. Diluted EPS reflects the assumed exercise, vesting or conversion of all dilutive securities.

The calculations of the basic and diluted EPS for the three months ended March 31, 2020 and 2019 are presented below (in thousands, except per share amounts):



	For the three months ended March 31,
	2020			2019
Net loss	$	(14,066	)	$	(25,039	)
Less: Earnings allocated to unvested restricted stock awards	—			—
Earnings (loss) allocated to common shareholders	$	(14,066	)	$	(25,039	)

Common stock:
Weighted average basic shares outstanding	64,804			64,004
Effect of dilutive securities	—			—
Weighted average diluted shares outstanding	64,804			64,004

Basic earnings (loss) per share:
Net loss	$	(0.22	)	$	(0.39	)
Diluted earnings (loss) per share:
Net loss	$	(0.22	)	$	(0.39	)

As detailed further below, potential dilutive shares of common stock were anti-dilutive as a result of the Company's net loss for the three months ended March 31, 2020 and March 31, 2019. As a result, basic weighted average shares were used in the calculations of basic earnings per share and diluted earnings per share for those periods.

The number of stock options and restricted shares that were excluded from the computation of diluted earnings per share because their inclusion would result in an anti-dilutive effect on per share amounts for the three months ended March 31, 2020 and March 31, 2019 were 233,736 and 3,322,403, respectively.