Net Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2020

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated.



(In thousands except per share data)	For the Three Months Ended March 31,
	2020		2019
Basic
Average common shares outstanding	33,784		33,304

Net earnings (loss)	$	732	$	(13,886	)

Net earnings (loss) per common share	$	0.02	$	(0.42	)

Diluted
Average common shares outstanding	33,784		33,304
Stock options and awards	69		13
Average common shares assuming dilution	33,853		33,317

Net earnings (loss)	$	732	$	(13,886	)

Net earnings (loss) per common share *	$	0.02	$	(0.42	)

________

* Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss.

At March 31, 2020, 325,299 shares associated with stock options were excluded from the average common shares assuming dilution for the three months ended March 31, 2020 as they were anti-dilutive. At March 31, 2020, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value price of $7.75 for the three months ended March 31, 2020.

At March 31, 2019, 332,349 shares associated with stock options were excluded from the average common shares assuming dilution for the three months ended March 31, 2019 as they were anti-dilutive. At March 31, 2019, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value price of $7.20 for the three months ended March 31, 2019.

For both the three ended March 31, 2020 and March 31, 2019, respectively, no shares were included in the common shares assuming dilution related to the company's issued warrants as the average market price of the company stock for these periods did not exceed the strike price of the warrants.