Earnings per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share

Basic earnings per share, or "EPS," is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for the period. Diluted EPS takes into account the effect of outstanding dilutive instruments, such as share options and warrants, if any, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of March 31, 2020 and 2019, the Company did not have any dilutive instruments outstanding.

The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three-month periods ended March 31, 2020 and 2019:



	Three-Month Period Ended
(In thousands except for share amounts)	March 31, 2020			March 31, 2019
Numerator:
Net income (loss)	$	(16,745	)	$	8,928
Denominator:
Basic and diluted weighted average shares outstanding	12,434,755			12,467,913
Basic and diluted earnings per share	$	(1.35	)	$	0.72