Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.21.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareBasic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted shares and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the three and six months ended June 30, 2021 and 2020, the Company reported a net loss. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding.
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended June 30, Six Months Ended June 30,
  2021 2020 2021 2020
(In thousands, except per share amounts)
Net Loss ($11,695) ($1,564,731) ($92,102) ($1,348,166)
Basic weighted average common shares outstanding (1)
46,267  39,707  44,439  39,687 
Dilutive impact of restricted stock (1)
—  —  —  — 
Dilutive impact of warrants (1)
—  —  —  — 
Diluted weighted average common shares outstanding (1)
46,267  39,707  44,439  39,687 
       
Net Loss Per Common Share (1)
Basic ($0.25) ($39.41) ($2.07) ($33.97)
Diluted ($0.25) ($39.41) ($2.07) ($33.97)
       
Restricted stock (1)(2)
140  432  882  424 
Warrants (1)(2)
1,066  481  3,433  481 
(1)    Shares and per share data have been retroactively adjusted to reflect the Company’s 1-for-10 reverse stock split effective August 7, 2020. See “Note 11 - Stockholders’ Equity” for additional information.
(2)    Shares excluded from the diluted earnings per share calculation as their effect would be anti-dilutive.