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(Loss) Earnings Per Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share (Loss) 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 June 30, 2020
 
Three Months Ended June 30, 2019
Basic (Loss) Earnings Per Share
 
 
 
     Numerator:
 
 
 
           Undistributed net (loss) income from operations
$
(36,316
)
 
$
42,861

Basic net (loss) income attributable to common shares
$
(36,316
)
 
$
42,861

     Denominator:
 
 
 
         Basic weighted average shares outstanding
20,333

 
20,125

Basic undistributed net (loss) income per share attributable to common shares
$
(1.79
)
 
$
2.13

 


 
 
Diluted (Loss) Earnings Per Share
 
 
 
     Numerator:
 
 
 
           Undistributed net (loss) income from operations
$
(36,316
)
 
$
42,861

Diluted net (loss) income attributable to common shares
$
(36,316
)
 
$
42,861

     Denominator:
 
 
 
         Basic weighted average shares outstanding
20,333

 
20,125

         Effect of dilutive options and restricted share units
—

 
192

         Diluted weighted average shares outstanding
20,333

 
20,317

Diluted undistributed net (loss) income per share attributable to common shares
$
(1.79
)
 
$
2.11




 
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
Basic (Loss) Earnings Per Share
 
 
 
     Numerator:
 
 
 
           Undistributed net (loss) income from operations
$
(43,667
)
 
$
43,312

Basic net (loss) income attributable to common shares
$
(43,667
)
 
$
43,312

     Denominator:
 
 
 
         Basic weighted average shares outstanding
20,279

 
20,092

Basic undistributed net (loss) income per share attributable to common shares
$
(2.15
)
 
$
2.16

 
 
 
 
Diluted (Loss) Earnings Per Share
 
 
 
     Numerator:
 
 
 
           Undistributed net (loss) income from operations
$
(43,667
)
 
$
43,312

Diluted net (loss) income attributable to common shares
$
(43,667
)
 
$
43,312

     Denominator:
 
 
 
         Basic weighted average shares outstanding
20,279

 
20,092

         Effect of dilutive options and restricted share units
—

 
176

         Diluted weighted average shares outstanding
20,279

 
20,268

Diluted undistributed net (loss) income per share attributable to common shares
$
(2.15
)
 
$
2.14