Stockholders’ Equity

Common Stock — Our authorized capital stock consists of 60,000,000 shares of common stock with a par value of $0.01 per share; of which, 30,512,843 shares were issued and outstanding as of March 31, 2019 and as of December 31, 2018.

Preferred Stock — Our authorized capital stock also consists of 5,000,000 shares of preferred stock with a par value of $0.01 per share; no preferred shares were outstanding as of March 31, 2019 and December 31, 2018.

Earnings Per Share — Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share presented is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the Treasury Stock Method. Potential common shares are included in the diluted earnings per share calculation when dilutive. Diluted earnings per share for the three months ended March 31, 2019 and 2018 includes the effects of potential common shares issuable when dilutive, and is as follows:



	Three Months Ended March 31,
	2019		2018
Net income	$	11,130	$	9,853
Weighted average number of common shares outstanding (in '000s)	30,513		30,219
Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s)	181		355
Dilutive shares outstanding	30,694		30,574
Basic earnings per share	$	0.36	$	0.33
Diluted earnings per share	$	0.36	$	0.32

There were 190,803 outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2019 and no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per shares for the three months ended March 31, 2018.

Dividends — We have not declared or paid any cash dividends in the past. The terms of our debt and credit facilities (as described in footnote 13) restrict the payment or distribution of our cash or other assets, including cash dividend payments.

The changes in stockholder's equity are as follows:



	Three Months Ended March 31, 2019
	Common Stock			Treasury Stock			Additional Paid In Capital		Retained Deficit			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
	Shares (in thousands)	Amount		Treasury Stock			Additional Paid In Capital		Retained Deficit			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
Balance - December 31, 2018	30,513	$	318	$	(10,245	)	$	243,007	$	(70,571	)	$	(47,471	)	$	115,038
Share-based compensation expense	—	—		—			761		—			—			761
Cumulative effect of adoption of Topic 842	—	—		—			—		(72		)	—			(72		)
Total comprehensive income	—	—		—			—		11,130			(206		)	10,924
Balance - March 31, 2019	30,513	$	318	$	(10,245	)	$	243,768	$	(59,513	)	$	(47,677	)	$	126,651



	Three Months Ended March 31, 2018
	Common Stock			Treasury Stock			Additional Paid In Capital		Retained Deficit			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
	Shares (in thousands)	Amount		Treasury Stock			Additional Paid In Capital		Retained Deficit			Accumulated Other Comp. Loss			Total CVG Stockholders’ Equity
Balance - December 31, 2017	30,219	$	304	$	(9,114	)	$	239,870	$	(115,083	)	$	(41,235	)	$	74,742
Share-based compensation expense	—	—		—			673		—			—			673
Total comprehensive income	—	—		—			—		9,853			1,132			10,985
Balance - March 31, 2018	30,219	$	304	$	(9,114	)	$	240,543	$	(105,230	)	$	(40,103	)	$	86,400