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Earnings Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | 21. Earnings Per Share The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Basic (Loss)/Earnings per Share |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net (loss)/income |  | $ | (270 | ) |  | $ | 4,152 |  |  | $ | (22,158 | ) |  | $ | 15,455 |
Less: Income distributed to participating securities |  |  | (556 | ) |  |  | (539 | ) |  |  | (1,663 | ) |  |  | (1,622 | )
Less: Undistributed income allocable to participating securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18 | )
Net (loss)/income available to common stockholders – Basic EPS |  | $ | (826 | ) |  | $ | 3,613 |  |  | $ | (23,821 | ) |  | $ | 13,815 |
Weighted average common shares (in thousands) |  |  | 145,564 |  |  |  | 151,897 |  |  |  | 149,886 |  |  |  | 151,782 |
Basic (loss)/earnings per share |  | $ | (0.01 | ) |  | $ | 0.02 |  |  | $ | (0.16 | ) |  | $ | 0.09 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Diluted (Loss)/Earnings per Share |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net (loss)/income available to common stockholders |  | $ | (826 | ) |  | $ | 3,613 |  |  | $ | (23,821 | ) |  | $ | 13,815 |
Add back: Undistributed income allocable to participating securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18 | )
Net (loss)/income available to common stockholders – Diluted EPS |  | $ | (826 | ) |  | $ | 3,613 |  |  | $ | (23,821 | ) |  | $ | 13,815 |
Weighted Average Diluted Shares (in thousands) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 145,564 |  |  |  | 151,897 |  |  |  | 149,886 |  |  |  | 151,782 |
Dilutive effect of common stock equivalents, excluding participating securities |  |  | — |  |  |  | 135 |  |  |  | — |  |  |  | 172 |
Weighted average diluted shares, excluding participating securities (in thousands) |  |  | 145,564 |  |  |  | 152,032 |  |  |  | 149,886 |  |  |  | 151,954 |
Diluted (loss)/earnings per share |  | $ | (0.01 | ) |  | $ | 0.02 |  |  | $ | (0.16 | ) |  | $ | 0.09 |
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 nine months ended September 30, 2020, there were no dilutive common stock equivalents as the Company reported a net loss for the period. Total antidilutive non-participating common stock equivalents were 324,383 and 126,824 during the three months ended September 30, 2020 and 2019, respectively, and 441,331 and 64,866 during the nine months ended September 30 , 2020 and 2019 , respectively . Potential common shares associated with the conversion option embedded in the Convertible Notes were excluded from the computation for the three and nine months ended September 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 nine months ended September 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 September 30, |  |  | Nine Months Ended September 30, |
Reconciliation of Weighted Average Diluted Shares (in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Weighted average diluted shares as disclosed on the consolidated statements of operations |  |  | 145,564 | (1) |  |  | 167,163 |  |  |  | 149,886 | (1) |  |  | 166,944 |
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 |  |  | — |  |  |  | (381 | ) |  |  | — |  |  |  | (240 | )
Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above |  |  | 145,564 |  |  |  | 152,032 |  |  |  | 149,886 |  |  |  | 151,954 |
(1) | Excludes 15,307,153 and 14,997,269 participating securities and 4,669 and 5,437 potentially dilutive non-participating common stock equivalents for the three and nine months ended September 30, 2020 as the Company reported a net loss for the period.

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