Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with FASB guidance. The Company computes basic earnings per share by dividing net income available to common shares by the weighted-average shares outstanding during the year. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the year. Weighted-average diluted common shares outstanding primarily reflect the additional shares that would be issued upon the assumed exercise of stock options and the assumed vesting of unvested share awards. The treasury stock method has been used to compute EPS for 2017, 2016, 2015 and 2014. For 2017, the Company has recognized deemed dividends on the Series B Convertible Preferred Stock issued to Weichai and subsequently converted to Common Stock.

The Company issued Private Placement Warrants that represent the right to purchase shares of Common Stock, SARs and RSAs, all of which have been evaluated for their potentially dilutive effect under the treasury stock method. See Note 12. Stockholders’ Equity for additional information of the Private Placement Warrants and Note 13. Stock-Based Compensation for additional information of the SARs and the RSAs.

The computations of basic and diluted EPS were as follows:



(in thousands, except per share basis)	For the Year Ended December 31,
	2017			2016			2015 (Restated)			2014 (Restated)
Numerator:
Net (loss) income	$	(47,612	)	$	(47,472	)	$	(2,891	)	$	21,477
Less: Deemed dividend on Series B convertible preferred stock	(37,860		)	—			—			—
Net (loss) income available to common stockholders - basic	(85,472		)	(47,472		)	(2,891		)	21,477
Exclude (gain) loss from change in fair value of warrants	—			(1,413		)	(9,300		)	(6,170		)
Net (loss) income available to common stockholders - diluted	$	(85,472	)	$	(48,885	)	$	(12,191	)	$	15,307

Denominator:
Shares used in computing net (loss) income per share:
Weighted-average basic shares outstanding	13,787			10,931			10,808			10,705
Effect of dilutive securities	—			—			183			426
Weighted-average common shares outstanding — diluted	13,787			10,931			10,991			11,131

(Loss) earnings per common share:
(Loss) earnings per share — basic	$	(6.20	)	$	(4.34	)	$	(0.27	)	$	2.01
(Loss) earnings per share — diluted	$	(6.20	)	$	(4.47	)	$	(1.11	)	$	1.38

For 2017, 2016 and 2015, dilutive impacts from SAR and RSA grants were not included in the diluted EPS calculation, as they would have been anti-dilutive due to the losses reported in the Consolidated Statements of Operations. Additionally, for all periods, certain SAR grants were excluded from the diluted EPS calculation, as the Company’s average stock price was less than their respective exercise prices.

For 2017, the Weichai Warrant and the Series B Convertible Preferred Stock were excluded from the diluted EPS calculation, as they would have been anti-dilutive.

The aggregate shares excluded from the diluted EPS calculations, as they would have been anti-dilutive, were 6.3 million shares, 0.3 million shares and 0.1 million shares in 2017, 2016 and 2015, respectively.