Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2021

Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, a company that has participating securities is required to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings between the holders of common stock and a company’s participating securities. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, warrants, and convertible preferred stock.

The following table summarizes the computation of basic and diluted net loss per common share.


	Three Months Ended March 31,
	2021		2020
Numerator:
Loss from continuing operations	$	(4,913)	$	(108,077)
Less: Preferred stock cumulative dividends and deemed dividends	(14,529)		(2,951)



Numerator for basic and diluted loss from continuing operations per common share (1)	(19,442)		(111,028)
Loss from discontinued operations, net of tax (Note 2)	—		(140,114)



Numerator for basic and diluted undistributed net loss per common share (1)	$	(19,442)	$	(251,142)

Denominator:
Weighted average common shares outstanding, basic and diluted	42,461		42,111
Weighted average warrants outstanding, basic and diluted (2)	211		—
Shares used to calculate income (loss) per share, basic and diluted	42,672		42,111


Per common share net loss:
Basic loss from continuing operations per common share	$	(0.46)	$	(2.64)
Basic loss from discontinued operations per common share	—		(3.32)
Basic net loss per common share	$	(0.46)	$	(5.96)
Diluted loss from continuing operations per common share	$	(0.46)	$	(2.64)
Diluted loss from discontinued operations per common share	—		(3.32)
Diluted net loss per common share	$	(0.46)	$	(5.96)
Cash dividends declared per common share	$	—	$	—

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(1) Preferred Stock does not participate in losses.

(2) The 2021 Warrants are included in shares outstanding for calculation of basic earnings per share because they are exercisable with little to no consideration (see Note 17).

The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect.


	Three Months Ended March 31,
	2021	2020

Options	847	897
2019 Warrants	1,500	1,500
Preferred Stock, as-converted	—	26,275
	2,347	28,672

We have elected to allocate undistributed income to participating securities based on year-to-date results. As there was no undistributed income for the three months ended March 31, 2021, no such allocation was necessary. In addition, given the undistributed loss from continuing operations in the three months ended March 31, 2021 and 2020, options and the 2019 Warrants are considered anti-dilutive and were excluded from the calculation of diluted net income (loss) per share. Stock options excluded from the calculations of diluted net loss per share had a per share exercise price ranging from $7.93 to $25.16 for the three months ended March 31, 2021, and $7.93 to $25.16 for three months ended March 31, 2020. Warrants excluded from the calculation of diluted net loss per share for the three months ended March 31, 2021, had a per share exercise price of $11.49. Preferred Stock excluded from the calculation of diluted net loss per share for the three months ended March 31, 2020, was calculated on an as-converted basis.