Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2020

Note 15—Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income or loss attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive.

The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Basic weighted-average number of shares		26,087		26,595		26,098		26,614
Effect of dilutive securities:
Stock options and warrants		629		—		583		—
Non-vested restricted Class B common stock		137		—		123		—
Diluted weighted-average number of shares		26,853		26,595		26,804		26,614

The following shares were excluded from the diluted earnings per share computations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Stock options		126		846		126		783
Non-vested deferred stock units		610		274		610		222

Stock options were excluded from the diluted earnings per share computation because the exercise prices of the stock options were greater that the average market prices of the Company's stock during the periods.

Non-vested deferred stock units that entitle the holders to be issued approximately 0.6 million shares of Class B common stock are excluded in the basic and diluted weighted average shares outstanding calculation because the market condition for vesting of those deferred stock units were not met as of June 30, 2020.