15. 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
			Period from		Period from
			October 2, 2019		January 1, 2019
	Year Ended		through		through		Year Ended
	December 31, 2020		December 31, 2019		October 1, 2019		December 31, 2018
Basic:
Net income (loss) available to common stockholders	$	(229,707)	$	(10,460)	$	(1,156,053)	$	45,959
Weighted average basic number of common shares outstanding		16,204		16,204		158,925		157,011
Basic net income (loss) per common share	$	(14.18)	$	(0.65)	$	(7.27)	$	0.29

Diluted:
Net income (loss) available to common stockholders	$	(229,707)	$	(10,460)	$	(1,156,053)	$	45,959
Weighted average basic number of common shares outstanding		16,204		16,204		158,925		157,011
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 stock		—		—		Anti-dilutive		284
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		—		—		—
Vesting of Successor restricted stock units		Anti-dilutive		—		—		—
Weighted average diluted number of common shares outstanding		16,204		16,204		158,925		157,295
Diluted net income (loss) per common share	$	(14.18)	$	(0.65)	$	(7.27)	$	0.29

Common stock equivalents, including warrants, stock options and restricted stock units, if considered issuable, totaling 7.7 million shares for the year ended December 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 due to the net loss.

Common stock equivalents, including warrants, totaling 6.9 million shares for the period of October 2, 2019 through December 31, 2019 (Successor) 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. Common stock equivalents, including stock options, restricted shares and warrants totaling 14.1 million shares for the period of January 1, 2019 through October 1, 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.

Common stock equivalents, including stock options, restricted shares and warrants, totaling 13.1 million shares for the year ended December 31, 2018 (Predecessor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.