EARNINGS (LOSS) PER SHARE

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



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

Numerator for basic and diluted loss per share
Net loss	$	(8,378	)	$	(10,438	)
Preferred dividends	—			—
Net loss applicable to common shareholders	$	(8,378	)	(10,438		)

Denominator for basic loss per share - Weighted average shares outstanding	63,664,256			60,059,936
Effect of dilutive potential common shares	—			—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	63,664,256			60,059,936

Basic loss per share	$	(0.13	)	$	(0.17	)
Diluted loss per share	$	(0.13	)	$	(0.17	)



	Six months ended December 31, 2019
($ in thousands, except per share data)	2019			2018

Numerator for basic and diluted loss per share
Net loss	$	(19,886	)	$	(15,726	)
Preferred dividends	(334		)	(334		)
Net loss applicable to common shareholders	$	(20,220	)	$	(16,060	)

Denominator for basic loss per share - Weighted average shares outstanding	61,891,197			60,056,924
Effect of dilutive potential common shares	—			—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	61,891,197			60,056,924

Basic loss per share	$	(0.33	)	$	(0.27	)
Diluted loss per share	$	(0.33	)	$	(0.27	)

Anti-dilutive shares excluded from the calculation of diluted loss per share were 1,529,381 for the three and six months ended December 31, 2019 and 1,400,968 for the three and six months ended December 31, 2018.