EARNINGS (LOSS) PER SHARE

The calculation of basic earnings (loss) per share (“EPS”) and diluted EPS are presented below:



	Three months ended March 31,
($ in thousands, except per share data)	2019			2018

Numerator for basic and diluted loss per share
Net loss	$	(4,510	)	$	(3,223	)
Preferred dividends	(334		)	(334		)
Net loss available to common shareholders	$	(4,844	)	$	(3,557	)

Denominator for basic loss per share - Weighted average shares outstanding	60,065,053			53,637,085
Effect of dilutive potential common shares	—			—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	60,065,053			53,637,085

Basic loss per share	$	(0.08	)	$	(0.07	)
Diluted loss per share	$	(0.08	)	$	(0.07	)



	Nine months ended March 31,
($ in thousands, except per share data)	2019			2018

Numerator for basic and diluted loss per share
Net loss	$	(21,487	)	$	(9,588	)
Preferred dividends	(668		)	(668		)
Net loss available to common shareholders	$	(22,155	)	$	(10,256	)

Denominator for basic loss per share - Weighted average shares outstanding	60,059,594			51,101,813
Effect of dilutive potential common shares	—			—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	60,059,594			51,101,813

Basic loss per share	$	(0.37	)	$	(0.20	)
Diluted loss per share	$	(0.37	)	$	(0.20	)

Antidilutive shares excluded from the calculation of diluted loss per share were 1,240,302 and 1,240,302 for the three and nine months ended March 31, 2019 and 1,090,455 and 1,090,455 for the three and nine months ended March 31, 2018.