14. EARNINGS PER SHARE

On October 8, 2019, upon emergence from chapter 11 bankruptcy, the Predecessor Company’s equity was cancelled and new equity was issued. Refer to Note 2, “Reorganization,” for further details.

The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):


	Successor		Predecessor
	Three Months		Three Months
	Ended		Ended
	March 31, 2020		March 31, 2019
Basic:
Net income (loss)	$	114,491	$	(336,559)
Weighted average basic number of common shares outstanding		16,204		158,549
Basic net income (loss) per share of common stock	$	7.07	$	(2.12)
Diluted:
Net income (loss)		114,491		(336,559)

Weighted average basic number of common shares outstanding		16,204		158,549
Common stock equivalent shares representing shares issuable upon:
Exercise of Predecessor stock options		—		Anti-dilutive
Exercise of Predecessor warrants		—		Anti-dilutive
Vesting of Predecessor restricted shares		—		Anti-dilutive
Exercise of Successor Series A Warrants		Anti-dilutive		—
Exercise of Successor Series B Warrants		Anti-dilutive		—
Exercise of Successor Series C Warrants		Anti-dilutive		—
Exercise of Successor stock options		Anti-dilutive		—
Vesting of Successor restricted share units		Anti-dilutive		—
Weighted average diluted number of common shares outstanding		16,204		158,549
Diluted net income (loss) per share of common stock	$	7.07	$	(2.12)

Common stock equivalents, including warrants, options and restricted stock units, totaling 7.3 million shares for the three months ended March 31, 2020 (Successor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.

Common stock equivalents, including stock options, restricted shares and warrants, totaling 14.9 million shares for the three months ended March 31, 2019 (Predecessor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net loss.