Note 3 — Earnings per Common Share:

Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period.

The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share, as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method.

Weighted average shares of unvested restricted common stock considered to be participating securities totaled 51,107 and 46,972 for the three and nine months ended September 30, 2019, respectively, and 43,961 and 40,888 for the three and nine months ended September 30, 2018, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of September 30, 2019, there were 214,075 shares of restricted stock units and 538,632 stock options outstanding and considered to be potentially dilutive securities.

The components of the calculation of basic earnings per share and diluted earnings per share are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2019		2018		2019		2018
Net loss	$	(11,095)	$	(47,786)	$	(16,721)	$	(95,898)

Weighted average common shares outstanding:
Basic		29,249,233		29,154,366		29,217,188		29,130,435
Diluted		29,249,233		29,154,366		29,217,188		29,130,435

Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2019		2018		2019		2018
Net loss allocated to:
Common Stockholders	$	(11,095)	$	(47,786)	$	(16,721)	$	(95,898)
Participating securities		-		-		-		-
	$	(11,095)	$	(47,786)	$	(16,721)	$	(95,898)

For the three and nine months ended September 30, 2019 and 2018 earnings per share calculations, there were no dilutive equity awards outstanding. Awards of 753,373 and 686,606 for the three and nine months ended September 30, 2019, respectively, and 571,221 and 506,223 for the three and nine months ended September 30, 2018, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.