Earnings Per Share

9 Months Ended

Sep. 30, 2020

11. EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.

The company computed diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities. In addition, due to the presentation of GPCC as discontinued operations, the company has presented basic and diluted earnings per share from both continuing operations and from discontinued operations.

The basic and diluted EPS are calculated as follows (in thousands, except per share amounts):


	Three Months Ended ‎September 30,				Nine Months Ended ‎September 30,
	2020		2019		2020		2019
Numerator:
Net loss from continuing operations ⁽¹⁾	$	(34,486)	$	(42,363)	$	(59,145)	$	(128,077)
Net income from discontinued operations		-		3,393		-		966
Net loss attributable to Green Plains	$	(34,486)	$	(38,970)	$	(59,145)	$	(127,111)

Denominator:
Weighted-average shares outstanding - basic		34,629		36,913		34,632		39,092
Dilutive effect of convertible debt and stock-based compensation ⁽²⁾		-		-		-		-
Weighted-average shares outstanding - diluted		34,629		36,913		34,632		39,092

EPS - basic and diluted:
EPS from continuing operations	$	(1.00)	$	(1.15)	$	(1.71)	$	(3.28)
EPS from discontinued operations		-		0.09		-		0.03
EPS	$	(1.00)	$	(1.06)	$	(1.71)	$	(3.25)

Anti-dilutive weighted-average convertible debt and stock-based compensation⁽²⁾		14,187		13,983		14,059		9,397

(1)Net loss from continuing operations can be recalculated from our consolidated statements of operations by taking the net loss from continuing operations including noncontrolling interest less net income attributable to noncontrolling interests.

(2)The effect related to the company’s convertible debt and stock-based compensation awards have been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.