

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Basic (Loss)/Earnings per Share
Net (loss)/income	$	(13,250	)	$	2,479		$	(21,888	)	$	11,303
Less: Income distributed to participating securities		(552	)		(539	)		(1,107	)		(1,083	)
Less: Undistributed income allocable to participating securities		—			—			—			(117	)

Net (loss)/income available to common stockholders – Basic EPS	$	(13,802	)	$	1,940		$	(22,995	)	$	10,103

Weighted average common shares (in thousands)		151,623			151,818			152,071			151,722

Basic (loss)/earnings per share	$	(0.09	)	$	0.01		$	(0.15	)	$	0.07


	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
Diluted Earnings per Share
Net (loss)/income available to common stockholders	$	(13,802	)	$	1,940	$	(22,995	)	$	10,103
Add back: Undistributed income allocable to participating securities		—			—		—			117
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive		—			—		—			(117	)

Net (loss)/income available to common stockholders – Diluted EPS	$	(13,802	)	$	1,940	$	(22,995	)	$	10,103

Weighted Average Diluted Shares (in thousands):
Weighted average common shares		151,623			151,818		152,071			151,722
Dilutive effect of common stock equivalents, excluding participating securities		—			194		—			192

Weighted average diluted shares, excluding participating securities (in thousands)		151,623			152,012		152,071			151,914

Diluted (loss)/earnings per share	$	(0.09	)	$	0.01	$	(0.15	)	$	0.07

Diluted (loss)/earnings per share presented above is calculated using the

two-class

method as this method results in the lowest diluted earnings per share amount for common stock. During the three and six months ended June 30, 2020, there were no dilutive common stock equivalents as the Company reported a net loss for the period. Total antidilutive common stock equivalents were 358,056 and 449,043 during the three and six months ended June 30, 2020, respectively. The Company excluded 59,584 and 56,208 common stock equivalents from its computation of diluted earnings per share for the three and six months ended June 30, 2019, respectively, as they were determined to be antidilutive.

Potential common shares associated with the conversion option embedded in the

onvertible

otes were excluded from the computation for the three and six months ended June 30, 2020 as the Company’s average stock price during those respective periods was lower than the conversion price of $5.92 per share.

The following table reconciles weighted average diluted shares as reported on the Company’s consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 to the weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Reconciliation of Weighted Average Diluted Shares (in thousands)
Weighted average diluted shares as disclosed on the consolidated statements of operations		151,623	(1)		167,249			152,071	(1)		166,855
Less: Participating securities
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 14)		—			(14,750	)		—			(14,750	)
Potentially dilutive restricted stock awards		—			(487	)		—			(191	)

Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above		151,623			152,012			152,071			151,914

(1)

Excludes 15,010,897 and 14,991,139

participating securities for the three and six months ended June 30, 2020 as the Company reported a net loss for those periods. Also excludes 0 and 7,992 potentially dilutive common stock equivalents for the three and six months ended June 30, 2020 as the Company reported a net loss for the period.