
	Three Months Ended March 31,
		2020			2019
Basic Earnings per Share
Net (loss)/income	$	(8,638	)	$	8,824
Less: Income distributed to participating securities		(555	)		(544	)
Less: Undistributed income allocable to participating securities		—			(391	)

Net (loss)/income available to common stockholders – Basic EPS	$	(9,193	)	$	7,889
Weighted average common shares (in thousands)		152,519			151,625

Basic (loss)/earnings per share	$	(0.06	)	$	0.05


	Three Months Ended March 31,
		2020			2019
Diluted Earnings per Share
Net (loss)/income available to common stockholders	$	(9,193	)	$	7,889
Add back: Undistributed income allocable to participating securities		—			391
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		(—	)		(390	)

Net (loss)/income available to common stockholders – Diluted EPS	$	(9,193	)	$	7,890

Weighted Average Diluted Shares (in thousands) :
Weighted average common shares		152,519			151,625
Dilutive effect of common stock equivalents, excluding participating securities		—			196

Weighted average diluted shares, excluding participating securities (in thousands)		152,519			151,821

Diluted (loss)/earnings per share	$	(0.06	)	$	0.05

Diluted (loss)/earnings per share presented above is calculated using the

two-class

method as this method results in the lowest diluted earnings per share amount for common stock. During the three months ended March 31, 2020, the Company excluded 16,178 common stock equivalents from its computation of diluted loss per share as the Company had reported a net loss for the period. The Company excluded 90,530 common stock equivalents from its computation of diluted earnings per share for the three months ended March 31, 2019 as they were determined to be anti-dilutive.

The following table reconciles weighted average diluted shares as reported on the Company’s consolidated statements of operations for the three months ended March 31, 2020 and 2019 to the weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above:


	Three Months Ended March 31,
Reconciliation of Weighted Average Diluted Shares (in thousands)	2020			2019
Weighted average diluted shares as disclosed on the consolidated statements of operations		152,519	(1)		166,811
Less: Participating securities:
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 13)		—			(14,750	)
Potentially dilutive restricted stock awards		—			(240	)

Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above		152,519	(1)		151,821

(1)	Excludes participating securities as the Company reported a net loss for the period.