Loss Per Share

9 Months Ended

Sep. 30, 2020

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 “5.00%/7.00% Convertible Notes”) and the Company's outstanding 3.00% / 5.00% Convertible Senior Secured PIK Toggle Notes due 2024 (the “3.00%/5.00% Convertible 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 5.00%/7.00% Convertible Notes and the 3.00%/5.00% Convertible Notes.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Numerator:
Net loss	$	(14,744)	$	(12,196)	$	(29,838)	$	(28,503)
Denominator:
Weighted average common shares outstanding	72,924		2,221		50,599		2,174
Effect of dilutive securities:
Outstanding common stock equivalents	—		—		—		—
Denominator for diluted loss per common share	72,924		2,221		50,599		2,174

Basic loss per common share	$	(0.20)	$	(5.49)	$	(0.59)	$	(13.11)
Diluted loss per common share	$	(0.20)	$	(5.49)	$	(0.59)	$	(13.11)
Excluded outstanding share-based awards having an anti-dilutive effect	986		1,429		1,083		1,488

The computation of diluted loss per common share does not include common shares issuable upon conversion of the Company’s 5.00%/7.00% Convertible Notes or 3.00%/5.00% Convertible Notes, as they were anti-dilutive under the if-converted method.

The 5.00%/7.00% Convertible 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 3.00%/5.00% Convertible 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 5.00%/7.00% Convertible Notes and 3.00%/5.00% Convertible Notes could increase diluted average shares outstanding by a maximum of approximately 215,090 shares.