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Earnings/(loss) per share | 12 Months Ended
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Dec. 31, 2018
Earnings Per Share [Abstract] |
Earnings/(loss) per share |
15. | Earnings/(loss) per share
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested restricted stock issued under the Plan) participate equally in dividend distributions and in undistributed earnings. The Company applies the two-class method of computing earnings per share (EPS) as the unvested share-based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for non-vested restricted stock as well as undistributed earnings allocated to non-vested stock are deducted from net income for the purpose of the computation of basic earnings per share in accordance with the two-class method. The denominator of the basic earnings per common share excludes any non-vested shares as such they are not considered outstanding until the time-based vesting restriction has elapsed. For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested restricted stock and undistributed earnings allocated to non-vested stock are not deducted from net income as reported since such calculation assumes non-vested restricted stock is fully vested from the grant date. The Company calculates basic and diluted earnings per share as follows:
|  | Year Ended December 31, |
|  | 2016 |  |  | 2017 |  |  | 2018 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  |  | (7,798,300 | ) |  |  | (1,218,237 | ) |  |  | (12,276,520 | )
Less: Undistributed earnings allocated to non-vested shares |  |  | — |  |  |  | — |  |  |  | — |
Net loss attributable to common shareholders, basic |  |  | (7,798,300 | ) |  |  | (1,218,237 | ) |  |  | (12,276,520 | )
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding, basic and diluted |  |  | 39,824,038 |  |  |  | 39,809,364 |  |  |  | 39,860,563 |
Loss per share, basic and diluted |  |  | (0.20 | ) |  |  | (0.03 | ) |  |  | (0.31 | )
Non-vested, participating restricted common stock does not have a contractual obligation to share in the losses and was therefore, excluded from the basic loss per share calculations. The Company excluded the dilutive effect of 264,621 (2017: nil, 2016:57,678) non-vested share awards in calculating dilutive EPS for its common shares as of December 31, 2018, as they were anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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