Earnings Per Share

12 Months Ended

Dec. 31, 2018

Note 19 — Earnings Per Share

U.S. GAAP requires the Company to use the

two-class

method in computing basic earnings (loss) per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings (loss) per share during periods of net income (loss).

A summary of the numerator and denominator of the basic and fully diluted earnings (loss) per common share is presented below:

	Income (Numerator)		Shares (a) (Denominator)		Per Share Amount
Year Ended December 31, 2018
Net income	$	17,725
Less: Loss attributable to participating securities*		717
Basic Earnings Per Share:
Income allocated to common stockholders		18,442		7,878	$	2.34
Effect of Dilutive Securities:**
Stock options		—		17
Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	18,442		7,895	$	2.34

(a)	Shares in thousands.

Loss attributable to participating securities included the reclassification of cumulative dividends paid on certain restricted stock with market based vesting conditions from retained income to expense. See

Restricted Stock Awards

in Note 21 — “Stock-Based Compensation” for additional information.

**	Convertible senior notes were excluded due to antidilutive effect.

	Loss (Numerator)			Shares (a) (Denominator)		Per Share Amount
Year Ended December 31, 2017
Net loss	$	(6,893	)
Less: Loss attributable to participating securities		481
Basic and Diluted Loss Per Share:
Loss available to common stockholders***	$	(6,412	)		8,558	$	(0.75	)

(a)	Shares in thousands.

***	Stock options and convertible senior notes were excluded due to antidilutive effect.

	Income (Loss) (Numerator)			Shares (a) (Denominator)		Per Share Amount
Year Ended December 31, 2016
Net income	$	29,021
Less: Income attributable to participating securities		(1,545	)
Basic Earnings Per Share:
Income allocated to common stockholders		27,476			9,326	$	2.95
Effect of Dilutive Securities:
Stock options		—			54
Convertible senior notes		4,244			1,493
Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions	$	31,720			10,873	$	2.92

(a)	Shares in thousands.