Net (Loss) Income Per Share

6 Months Ended

Jun. 30, 2020

The number of shares used to calculate basic net (loss) income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares used to calculate diluted net (loss) income per common share is based on the number of common shares used to calculate basic net (loss) income per share plus the dilutive effect of stock options and other stock-based instruments held by the Company’s employees and directors during the period, and the Company’s outstanding Series A warrants. The warrants become dilutive for net income per common share calculations when the market price of the Company’s common stock exceeds the exercise price. For the three and six months ended June 30, 2019, 95,162 stock options and 131,707 restricted stock units were excluded, respectively, from the computation of dilutive net income per share because they would have been anti-dilutive. These potential shares could dilute net income per share in the future. In periods of net loss, all potentially dilutive shares are excluded and the number of shares used to calculate diluted earnings per share is the same as basic earnings per share.

The following table presents the net (loss) income per common share for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Net loss
(Loss) income from continuing operations	$	(238,301)	$	24,300	$	(278,109)	$	32,290
Loss from discontinued operations	—		(137,961)		—		(139,136)
Net loss	$	(238,301)	$	(113,661)	$	(278,109)	$	(106,846)

Basic
Weighted average common shares outstanding - basic	18,304,853		19,123,705		18,275,382		19,009,643

Basic loss per common share:
(Loss) income from continuing operations	$	(13.02)	$	1.27	$	(15.22)	$	1.70
Loss from discontinued operations	—		(7.21)		—		(7.32)
Net loss	$	(13.02)	$	(5.94)	$	(15.22)	$	(5.62)

Diluted
Weighted average common shares outstanding - basic	18,304,853		19,123,705		18,275,382		19,009,643
Diluted effect of warrants	—		143,571		—		179,807
Diluted effect of stock options	—		74,278		—		139,956
Diluted effect of restricted share units, restricted stock shares and performance-based restricted share units	—		78,917		—		150,777
Weighted average common shares outstanding - diluted	18,304,853		19,420,471		18,275,382		19,480,183

Diluted loss per common share:
(Loss) income from continuing operations	$	(13.02)	$	1.25	$	(15.22)	$	1.66
Loss from discontinued operations	—		(7.10)		—		(7.14)
Net loss	$	(13.02)	$	(5.85)	$	(15.22)	$	(5.48)