(LOSS) EARNINGS PER SHARE

The Company presents basic and diluted (loss) earnings per share for its common stock. Basic (loss) earnings per share is calculated by dividing the net (loss) income of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted (loss) earnings per share is determined by adjusting the profit or loss and the weighted average number of shares of common stock outstanding for the effects of all dilutive potential common shares.

As a result of the Merger, all historical per share data and number of shares and equity awards were retroactively adjusted. The (loss) earnings is used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. Accordingly, the computation of diluted shares for the year ended December 31, 2019 excludes the effect of shares that would be issued in connection with warrants, stock options and restricted stock awards, as their inclusion would be anti-dilutive to the loss per share. As of December 31, 2019 there were 2,328,120 warrants, 644,975 stock options and 231,562 restricted stock awards outstanding that were excluded from the calculation as they would be anti-dilutive. There are no dilutive potential common shares for the years ended December 31, 2018 or 2017.

In conjunction with the one share for four share reverse stock split discussed in Note 20, Subsequent Events, all historical per share data and number of shares and equity awards were retroactively adjusted.

The following table presents the Company’s basic and diluted (loss) earnings per share and shares outstanding (in thousands, except per share data):



	Year Ended December 31,
	2019			2018			2017
Numerator:
Net (loss) income	$	(75,920	)	$	(6,115	)	$	3,878
Denominator:
Weighted average number of common shares outstanding	156,280			142,614			142,614
(Loss) Earnings per Common Share:
(Loss) earnings per common share, basic and diluted	$	(0.49	)	$	(0.04	)	$	0.03