Loss Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Loss Per Share

Loss Per ShareDiluted 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, and 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 “Existing Notes”) and the Company's outstanding 3.00% / 5.00% Convertible Senior Secured PIK Toggle Notes due 2024 (the “New 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 Existing Notes and New Notes.

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

	Three Months Ended
	March 31,
	2020		2019
Numerator:
Net loss	$	(11,041)	$	(8,003)
Denominator:
Weighted average common shares outstanding	6,608		2,096
Effect of dilutive securities:
Outstanding common stock equivalents	—		—
Denominator for diluted loss per common share	6,608		2,096
Basic loss per common share	$	(1.67)	$	(3.82)
Diluted loss per common share	$	(1.67)	$	(3.82)
Excluded outstanding share-based awards having an anti-dilutive effect	1,407		1,600

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

The Existing Notes are convertible into shares of the Company’s common stock at any time at the initial conversion price of $3.77 per share. The New Notes are convertible into shares of the Company’s common stock at any time at the initial conversion price of $0.46 per share. In future periods, absent a fundamental change as described in Note 6 - Debt, the outstanding Existing Notes and New Notes could increase diluted average shares outstanding by a maximum of approximately 209,717 shares.