Loss Per Share

Diluted loss per common share is computed by dividing net loss by the weighted average number of shares of the common stock of A.M. Castle & Co. outstanding plus outstanding common stock equivalents. Common stock equivalents consist of restricted stock awards and other share-based payment awards, shares that may be issued upon conversion of the Company’s outstanding 5.00% / 7.00% Convertible Senior Secured Paid-in-Kind ("PIK") Toggle Notes due 2022 (the “Second Lien Notes”), which are included in the calculation of weighted average shares outstanding using the if-converted method. Refer to Note 6 - Debt, for further description of the Second Lien Notes.

The following table is a reconciliation of the basic and diluted loss per common share calculations:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Numerator:
Net loss	$	(8,304	)	$	(8,513	)	$	(16,307	)	$	(13,654	)
Denominator:
Weighted average common shares outstanding	2,203			2,000			2,150			2,000
Effect of dilutive securities:
Outstanding common stock equivalents	—			—			—			—
Denominator for diluted loss per common share	2,203			2,000			2,150			2,000

Basic loss per common share	$	(3.77	)	$	(4.26	)	$	(7.58	)	$	(6.83	)
Diluted loss per common share	$	(3.77	)	$	(4.26	)	$	(7.58	)	$	(6.83	)
Excluded outstanding share-based awards having an anti-dilutive effect	1,437			1,803			1,518			1,803

The computation of diluted loss per common share does not include common shares issuable upon conversion of the Company’s Second Lien Notes, as they were anti-dilutive under the if-converted method.

The Second Lien Notes are convertible into shares of the Company’s common stock at any time at the initial conversion price of $3.77 per share. In future periods, absent a fundamental change (as defined in the Second Lien Notes Indenture, which is described in Note 6 - Debt), the outstanding Second Lien Notes could increase diluted average shares outstanding by a maximum of approximately 49,600 shares.