Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Earnings Per Share, Basic and Diluted

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Successor		Predecessor
	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020
Numerator



Net loss, basic and diluted	$	(345)	$	(745)

Denominator (in thousands)
Weighted average common shares outstanding, basic	98,221		9,780
Effect of potentially dilutive securities
Preferred stock	—		—
Warrants	—		—
Restricted stock	—		—
Performance share units	—		—
Weighted average common shares outstanding, diluted	98,221		9,780

Loss per common share
Loss per common share, basic	$	(3.51)	$	(76.18)
Loss per common share, diluted	$	(3.51)	$	(76.18)

Successor

During the 2021 Successor Quarter, the diluted earnings (loss) per share calculation excludes the effect of 1,767,203 reserved shares of common stock and 3,334,277 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases as all necessary conditions had not been met for such shares to be considered dilutive shares as of the 2021 Successor Quarter. Additionally, as the 2021 Successor Quarter had a net loss, the diluted earnings (loss) per share calculation excludes the antidilutive effect, calculated using the treasury stock method, of 14,774,330 issuable shares related to warrants, 247,220 shares of restricted stock, and 5,479 shares related to performance share units.

Predecessor

The diluted earnings (loss) per share calculation for the 2020 Predecessor Quarter excludes the antidilutive effect of 290,716 shares of common stock equivalent of our preferred stock.

We had the option to settle conversions of the 5.5% convertible senior notes due 2026 with cash, shares or common stock or any combination thereof. As the price of our common stock was below the conversion threshold level for any time during the conversion period, there was no impact to diluted earnings (loss) per share.


	Successor		Predecessor
	Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021		Nine Months Ended September 30, 2020
Numerator



Net income (loss), basic and diluted	$	(489)	$	5,383	$	(9,340)

Denominator (in thousands)
Weighted average common shares outstanding, basic	98,040		9,781		9,770
Effect of potentially dilutive securities
Preferred stock	—		290		—
Warrants	—		—		—
Restricted stock	—		—		—
Performance share units	—		—		—
Weighted average common shares outstanding, diluted	98,040		10,071		9,770

Earnings (loss) per common share
Earnings (loss) per common share, basic	$	(4.99)	$	550.35	$	(955.99)
Earnings (loss) per common share, diluted	$	(4.99)	$	534.51	$	(955.99)