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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2020
EARNINGS PER SHARE |
EARNINGS PER SHARE | 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 |  | Successor |  |  | Predecessor
|  | Three Months |  |  | Three Months |  | Six Months |  |  | Six Months
|  | Ended |  |  | Ended |  | Ended |  |  | Ended
|  | June 30, 2020 |  |  | June 30, 2019 |  | June 30, 2020 |  |  | June 30, 2019
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (127,316) |  |  | $ | (640,844) |  | $ | (12,825) |  |  | $ | (977,403)
Weighted average basic number of common shares outstanding |  |  | 16,204 |  |  |  | 159,050 |  |  | 16,204 |  |  |  | 158,801
Basic net income (loss) per share of common stock |  | $ | (7.86) |  |  | $ | (4.03) |  | $ | (0.79) |  |  | $ | (6.15)
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  | (127,316) |  |  |  | (640,844) |  |  | (12,825) |  |  |  | (977,403)
Weighted average basic number of common shares outstanding |  |  | 16,204 |  |  |  | 159,050 |  |  | 16,204 |  |  |  | 158,801
Common stock equivalent shares representing shares issuable upon: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exercise of Predecessor stock options |  |  | — |  |  |  | Anti-dilutive |  |  | — |  |  |  | Anti-dilutive
Exercise of Predecessor warrants |  |  | — |  |  |  | Anti-dilutive |  |  | — |  |  |  | Anti-dilutive
Vesting of Predecessor restricted shares |  |  | — |  |  |  | Anti-dilutive |  |  | — |  |  |  | Anti-dilutive
Exercise of Successor Series A Warrants |  |  | Anti-dilutive |  |  |  | — |  |  | Anti-dilutive |  |  |  | —
Exercise of Successor Series B Warrants |  |  | Anti-dilutive |  |  |  | — |  |  | Anti-dilutive |  |  |  | —
Exercise of Successor Series C Warrants |  |  | Anti-dilutive |  |  |  | — |  |  | Anti-dilutive |  |  |  | —
Exercise of Successor stock options |  |  | Anti-dilutive |  |  |  | — |  |  | Anti-dilutive |  |  |  | —
Vesting of Successor restricted stock units |  |  | Anti-dilutive |  |  |  | — |  |  | Anti-dilutive |  |  |  | —
Weighted average diluted number of common shares outstanding |  |  | 16,204 |  |  |  | 159,050 |  |  | 16,204 |  |  |  | 158,801
Diluted net income (loss) per share of common stock |  | $ | (7.86) |  |  | $ | (4.03) |  | $ | (0.79) |  |  | $ | (6.15)
Common stock equivalents, including warrants, options and restricted stock units, totaling 7.8 million and 7.6 million shares for the three and six ended June 30, 2020 (Successor), respectively 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 losses. Common stock equivalents, including stock options, restricted shares and warrants, totaling 15.7 million and 15.3 million shares for the three and six months ended June 30, 2019 (Predecessor), respectively 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 losses.

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