EARNINGS PER SHARE

We calculate basic and diluted earnings per share by applying the two-class method because we have participating securities in the form of Class A preferred shares. Participating securities are allocated a proportional share of net income determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities. We also apply the treasury stock method with respect to certain share-based awards in the calculation of diluted earnings per share, if dilutive.

The calculation of earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):



	Three Months Ended March 31,
	2020			2019
Numerator:
Net loss attributable to Civeo common shareholders	$	(146,538	)	$	(17,498	)
Less: income allocated to participating securities	—			—
Basic net loss attributable to Civeo Corporation common shareholders	$	(146,538	)	$	(17,498	)
Add: undistributed income attributable to participating securities	—			—
Less: undistributed income reallocated to participating securities	—			—
Diluted net loss attributable to Civeo Corporation common shareholders	$	(146,538	)	$	(17,498	)

Denominator:
Weighted average shares outstanding - basic	168,519			165,330
Dilutive shares - share-based awards	—			—
Weighted average shares outstanding - diluted	168,519			165,330

Basic net loss per share attributable to Civeo Corporation common shareholders (1)	$	(0.87	)	$	(0.11	)

Diluted net loss per share attributable to Civeo Corporation common shareholders (1)	$	(0.87	)	$	(0.11	)


(1)	Computations may reflect rounding adjustments.

When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. For the three months ended March 31, 2020 and 2019, we excluded from the computation of diluted loss per share 6.3 million and 8.5 million share-based awards, respectively, since the effect would have been anti-dilutive. Additionally, for the three months ended March 31, 2020 and 2019, we excluded from the calculation the impact of converting the Preferred Shares into 28.5 million and 28.0 million common shares, since the effect would have been anti-dilutive.