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.