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EARNINGS (LOSS) PER SHARE (EPS) | 12 Months Ended
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Dec. 31, 2019
EARNINGS (LOSS) PER SHARE (EPS) |
EARNINGS (LOSS) PER SHARE (EPS) | NOTE 25 — EARNINGS (LOSS) PER SHARE (EPS) The following tables reconcile net income to the amounts used to calculate basic and diluted earnings per share. Basic
|  | 2019
|  | Common |  | Preferred |  | Total
|  | (in thousands, except share and per share data)
Basic numerator |  |  |  |  |  |
Allocated net income available to common and preferred shareholders |  | 405,607 |  | 798,129 |  | 1,203,736
Basic denominator |  |  |  |  |  |
Weighted-average outstanding shares, after deducting the average tresuary shares |  | 571,929,945 |  | 1,125,408,180 |  |
Earnings per share (in R$) — Basic |  | 0.71 |  | 0.71 |  |
|  | 2018
|  | Common |  | Preferred |  | Total
|  | (in thousands, except share and per share data)
Basic numerator |  |  |  |  |  |
Allocated net income available to common and preferred shareholders |  | 774,279 |  | 1,529,589 |  | 2,303,868
Basic denominator |  |  |  |  |  |
Weighted-average outstanding shares, after deducting the average tresuary shares |  | 571,929,945 |  | 1,129,851,598 |  |
Earnings per share (in R$) — Basic |  | 1.35 |  | 1.35 |  |
|  | 2017
|  | Common |  | Preferred |  | Total
|  | (in thousands, except share and per share data)
Basic numerator |  |  |  |  |  |
Allocated net loss available to common and preferred shareholders |  | (120,267) |  | (239,093) |  | (359,360)
Basic denominator |  |  |  |  |  |
Weighted-average outstanding shares, after deducting the average tresuary shares |  | 571,929,945 |  | 1,137,012,265 |  |
Loss per share (in R$) — Basic |  | (0.21) |  | (0.21) |  |
Diluted
|  | 2019 |  | 2018
Diluted numerator |  |  |  |
Allocated net income available to Common and Preferred shareholders |  |  |  |
Net income allocated to preferred shareholders |  | 798,129 |  | 1,529,589
Add: |  |  |  |
Adjustment to net income allocated to preferred shareholders in respect to the potential increase in number of preferred shares outstanding, as a result of long-term incentive plans of Gerdau. |  | 2,884 |  | 6,515
|  | 801,013 |  | 1,536,104
Net income allocated to common shareholders |  | 405,607 |  | 774,279
Less: |  |  |  |
Adjustment to net income allocated to preferred shareholders in respect to the potential increase in number of preferred shares outstanding, as a result of long-term incentive plans of Gerdau. |  | (2,884) |  | (6,515)
|  | 402,723 |  | 767,764
Diluted denominator |  |  |  |
Weighted - average number of shares outstanding |  |  |  |
Common Shares |  | 571,929,945 |  | 571,929,945
Preferred Shares |  |  |  |
Weighted-average number of preferred shares outstanding |  | 1,125,408,180 |  | 1,129,851,598
Potential increase in number of preferred shares outstanding in respect of long-term incentive plan of Gerdau |  | 12,157,614 |  | 14,440,860
Total |  | 1,137,565,794 |  | 1,144,292,458
Earnings per share — Diluted (Common and Preferred Shares) |  | 0.70 |  | 1.34
Due to the net loss in the year of 2017, the Company is considering for this year the same basic and diluted loss, without considering the effects on the diluted calculation of the potential increase in preferred shares as a result of the long-term incentive plans.

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