19. EARNINGS PER SHARE

We determined that the Series B Preferred Shares are a participating security, and accordingly, our basic and diluted net income / loss per share is calculated using the two-class method. Under the two-class method, basic net income / loss per common share is computed by dividing the net income available to common shareholders after deducting contractual amounts of accretion on our Series B Preferred Shares and the income allocated to these shares by the weighted-average number of common shares outstanding during the period. Diluted net income / loss per share is computed by dividing the adjusted net income by the weighted-average number of dilutive shares outstanding during the period after adjusting for the impact of those dilutive shares on the allocation of income to the Series B Preferred Shares.

The Company identified an error in the calculation of earnings per share disclosed in its financial statements for the year ended December 31, 2017. The error arose due to the misallocation of the results of discontinued operations to the Series B Preferred Shares. The error is not considered to be either quantitatively or qualitatively material to the year ended December 31, 2017, and has been corrected in the information disclosed below. The error did not impact net income, the consolidated balance sheet, the consolidated statements of equity or the consolidated statements of cash flows.

The components of basic and diluted earnings per share are as follows:



	For The Year Ended December 31,
	2018			2017			2016
				(As adjusted)
Income / (loss) from continuing operations	$	97,065		$	51,063		$	(179,679	)
Net loss attributable to noncontrolling interests	79			341			306
Less: preferred share accretion paid in kind (Note 12)	(4,777		)	(9,694		)	(13,701		)
Less: income allocated to Series B Preferred Shares	(29,956		)	(16,994		)	—
Income / (loss) from continuing operations available to common shareholders, net of noncontrolling interest	62,411			24,716			(193,074		)
Income / (loss) from discontinued operations, net of tax (Note 3)	60,548			(1,636		)	(918		)
Less: (income) / loss allocated to Series B Preferred Shares	(19,637		)	667			—
Net income / (loss) attributable to CME Ltd. available to common shareholders — basic	103,322			23,747			(193,992		)

Effect of dilutive securities
Dilutive effect of Series B Preferred Shares	3,653			3,829			—
Net income / (loss) attributable to CME Ltd. available to common shareholders — diluted	$	106,975		$	27,576		$	(193,992	)

Weighted average outstanding shares of common stock — basic ⁽¹⁾	230,562			155,846			151,017
Dilutive effect of common stock warrants, employee stock options and RSUs	27,132			80,558			—
Weighted average outstanding shares of common stock — diluted	257,694			236,404			151,017

Net income / (loss) per share:
Continuing operations — basic	$	0.27		$	0.16		$	(1.28	)
Continuing operations — diluted	0.25			0.12			(1.28		)
Discontinued operations — basic	0.18			(0.01		)	0.00
Discontinued operations — diluted	0.17			0.00			0.00
Attributable to CME Ltd. — basic	0.45			0.15			(1.28		)
Attributable to CME Ltd. — diluted	0.42			0.12			(1.28		)


⁽¹⁾	For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, because the rights of the Series A Preferred Share are considered substantially similar to that of our Class A common stock.

The following weighted-average, equity awards and convertible shares were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive for the periods presented:



	For The Year Ended December 31,
	2018	2017	2016
Employee stock options	—	—	2,011
RSUs	1,506	144	1,219
Series B Preferred Shares	—	—	105,167
Total	1,506	144	108,397

These instruments may become dilutive in the future. As set forth in the Certificate of Designation for the Series B Preferred Shares, the holders of our Series B Preferred Shares are not contractually obligated to share in our losses.