Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2020

EARNINGS (LOSS) PER SHARE

The Company applies the guidance of ASC 260, "Earnings Per Share," for all periods presented herein. Net earnings (loss) per weighted average Common Share outstanding, basic and diluted, is computed based on the weighted average number of Common Shares outstanding for the period. The following table shows the weighted average number of Common Shares outstanding and reconciles the numerator and denominator of earnings per Common Share calculations for the three and six month periods ended June 30, 2020 and 2019.

For the three and six month periods ended June 30, 2020, Class A Cumulative Preferred Shares ("Preferred A Shares"), Class C Convertible Preferred Shares ("Preferred C Shares") and Restricted Common Shares awarded pursuant to the 2016 plan (defined in Note 11 below) were not included in net loss per weighted average number of Common Shares dilutive, because the effect of the conversion would be anti-dilutive. For the three and six month periods ended June 30, 2019, Class A Cumulative Preferred Shares ("Preferred A Shares"), Class C Convertible Preferred Shares ("Preferred C Shares") were included in net earnings per weighted average number of Common Shares.

During the three and six month periods ended June 30, 2020 and 2019, the Company had $197,780 of convertible notes payable as discussed in Note 8. The convertible notes payable weighted average shares of 202,293 and 200,440 were not included in the computation of diluted loss per Common Share for the three and six months ended June 30, 2019, respectively, because the effect of the conversion would be anti-dilutive. The convertible notes payable weighted average shares of 217,193 and 215,341 were not included in the computation of diluted loss per Common Share for the three and six months ended June 30, 2020, respectively, because the effect of the conversion would be anti-dilutive.


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share data)	2020		2019		2020		2019
Numerator:
Net income (loss) attributable to common shareholders	$	(214)	$	31	$	(273)	$	77

Denominator:
Weighted average number of common shares - basic	405,169		405,169		405,169		405,169
Effect of dilutive securities:
Assumed conversion of Preferred A Shares	—		53,610		—		53,610
Assumed conversion of Preferred C Shares	—		2,319,440		—		2,319,440
Weighted average number of common shares - dilutive	405,169		2,778,219		405,169		2,778,219

Earnings (Loss) Per Share:
Basic income (loss) per common share:
Net income (loss) available to common shareholders	$	(0.53)	$	0.08	$	(0.67)	$	0.19
Diluted income (loss) per common share:
Net income (loss) available to common shareholders	$	(0.53)	$	0.01	$	(0.67)	$	0.03