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(Loss) Earnings Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
(Loss) Earnings Per Share | (Loss) Earnings Per Share The Company computes basic (loss) earnings per share by dividing net (loss) income distributable to common shares by the weighted-average common shares outstanding during the period. Diluted (loss) earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the period. 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 diluted (loss) earnings per share for the three and nine months ended September 30, 2020 and 2019. The Company issued warrants that represent the right to purchase shares of Common Stock, Stock Appreciation Rights (“SARs”) and Restricted Stock Awards (“RSAs”), all of which have been evaluated for their potentially dilutive effect under the treasury stock method. See Note 3. Weichai Transactions herein for additional information on the Weichai Warrant and Note 12. Stock-Based Compensation in the Company’s 2019 Annual Report for additional information on the SARs and the RSAs. The computations of basic and diluted (loss) earnings per share are as follows:
(in thousands, except per share basis) | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Numerator: |  |  |  |  |  |  |
Net (loss) income | $ | (1,466) |  |  | $ | 5,756 |  |  | $ | (19,920) |  |  | $ | 172 |
Denominator: |  |  |  |  |  |  |
Shares used in computing net (loss) income per share: |  |  |  |  |  |  |
Weighted-average common shares outstanding – basic | 22,881 |  |  | 22,849 |  |  | 22,866 |  |  | 21,064 |
Effect of dilutive securities | — |  |  | 27 |  |  | — |  |  | 24 |
Weighted-average common shares outstanding – diluted | 22,881 |  |  | 22,876 |  |  | 22,866 |  |  | 21,088 |
(Loss) earnings per common share: |  |  |  |  |  |  |
(Loss) earnings per share of common stock – basic | $ | (0.06) |  |  | $ | 0.25 |  |  | $ | (0.87) |  |  | $ | 0.01 |
(Loss) earnings per share of common stock – diluted | $ | (0.06) |  |  | $ | 0.25 |  |  | $ | (0.87) |  |  | $ | 0.01 |
The aggregate number of shares excluded from the diluted (loss) earnings per share calculations, because they would have been anti-dilutive, were 0.2 million shares for both the three and nine months ended September 30, 2020, respectively, and 0.2 million and 1.8 million shares during the three and nine months ended September 30, 2019, respectively. For the three and nine months ended September 30, 2020 and 2019, SARs and RSAs were not included in the diluted (loss) earnings per share calculations as they would have been anti-dilutive (1) due to the losses reported in the Consolidated Statements of Operations or (2) the Company’s average stock price was less than the exercise price of the SARs or the grant price of the RSAs.

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