Earnings Per Share

The Company calculates basic (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding, excluding unvested restricted shares. The Company calculates diluted (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding plus the dilutive effect of all outstanding share-based awards, including stock options and restricted stock awards. Warrants generally are included in basic and diluted shares outstanding because there is little or no consideration paid upon exercise of the Warrants. Antidilutive instruments are not considered in this calculation. The Company applies the two-class method to calculate (loss) earnings per share. Because both classes share the same rights in dividends and (losses) earnings, (loss) earnings per share (basic and diluted) are the same for both classes.

The following table presents the basic and diluted (loss) earnings per share, and the reconciliation of basic to diluted weighted average common shares (in thousands):



	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Basic (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(7,351	)	$	451
Basic net (loss) income attributable to common shares	$	(7,351	)	$	451
Denominator:
Basic weighted average shares outstanding	20,225			20,047
Basic undistributed net (loss) income per share attributable to common shares	$	(0.36	)	$	0.02

Diluted (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(7,351	)	$	451
Diluted net (loss) income attributable to common shares	$	(7,351	)	$	451
Denominator:
Basic weighted average shares outstanding	20,225			20,047
Effect of dilutive options and restricted share units	—			162
Diluted weighted average shares outstanding	20,225			20,209
Diluted undistributed net (loss) income per share attributable to common shares	$	(0.36	)	$	0.02