Earnings Per Share

9 Months Ended

Sep. 30, 2020

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.