(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2020

(Loss) earnings per share

The calculation of (loss) earnings per share is based on the following data:


	Year ended December 31, 2020		Eleven months ended December 31, 2019		Year ended January 31, 2019
	(in thousands, except per share data)
Net (loss) profit	$	(52,697)	$	(29,127)	$	10,869

Basic weighted average number of shares of common stock outstanding	69,524		32,829		17,140
Dilutive potential common shares	—		—		89
Diluted weighted average number of shares of common stock outstanding	69,524		32,829		17,229
Basic (loss) earnings per share from operations	(0.76)		(0.89)		0.63
Diluted (loss) earnings per share from operations	(0.76)		(0.89)		0.63
Anti-dilutive shares excluded from diluted earnings per share	9,521		13,403		1,715

Basic loss per share has been calculated by dividing the (loss) earnings for the period by the weighted average number of shares outstanding during period. Diluted earnings per share has been calculated by adjusting the weighted average number of shares of common stock outstanding to assume conversion of all potentially dilutive share options and warrants using the treasury stock method. In calculating diluted earnings per share, the dilutive effect of share options and warrants is computed using the average market price for the respective period. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options and warrants that are in-the-money. Potential shares related to certain of the Company’s outstanding stock options and warrants were excluded because they were anti-dilutive.