Note 13 - Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2020

NOTE

13.

Earnings (Loss) Per Share

The Company uses the

two

-class method of calculating earnings (loss) per share because certain of the Company's unvested stock-based awards qualify as participating securities.

The Company's basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported attributable to common stockholders, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company's diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted shares outstanding. The components of basic and diluted earnings (loss) per share attributable to common stockholders are as follows (in thousands):

	Successor
	August 22, through December 31, 2020
Net income (loss) attributable to common stockholders	$	(16,429	)
Participating share-based earnings (a)		-
Basic and diluted net income (loss) attributable to common stockholders	$	(16,429	)

Basic weighted average shares outstanding		91,629
Dilution attributable to stock-based compensation awards		-
Diluted weighted average shares outstanding		91,629

(a)

Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unexercised stock option awards do

not

participate in undistributed net losses as they are

not

contractually obligated to do so.

The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding. The Company excluded

10,225,472

of weighted average shares of common stock issuable upon the conversion of the warrants for the period from

August 22, 2020

through

December 31, 2020

as the effect was anti-dilutive.