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Earnings Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

As a result of the previously mentioned reverse recapitalization in Note 1, the Company has retrospectively adjusted the weighted average shares outstanding for the three and six months ended June 30, 2019 to give effect to the exchange ratio used to determine the number of

Class A-1

shares of common stock into which they were converted.

The components of basic and diluted earning per share (“EPS”)

were

as follows for the three and six months ended June 30 (in thousands, except per share amounts):


	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019		2020			2019
Net (loss) income	$	(21,274	)	$	4,328	$	(23,240	)	$	8,323

Basic weighted average outstanding shares of common stock		78,317			58,605		78,161			57,896
Dilutive effect of stock-based awards for common stock		—			1,120		—			1,117
Dilutive effect of stockholder notes receivable for common stock		—			917		—			948
Dilutive effect of warrants for common stock		—			1,263		—			1,781

Diluted weighted average outstanding shares of common stock		78,317			61,904		78,161			61,742

Earnings (loss) per share:
Basic	$	(0.27	)	$	0.07	$	(0.30	)	$	0.14
Diluted	$	(0.27	)	$	0.07	$	(0.30	)	$	0.13

Since the Company was in a net loss position for the three and six months ended June 30, 2020, there is no

difference

between

basic

and dilutive weighted average common stock outstanding.

Anti-dilutive stock-based awards,

Class A-2

shares, and warrants excluded from the calculations of diluted EPS were 5,401,791, and 5,715,823 for the three and six months ended June 30, 2020, respectively.

Earnings Per Share

Pursuant to the Certificate of Incorporation as amended on November 20, 2019 and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to November 20, 2019 to give effect to the exchange ratio used to determine the number of

Class A-1

shares of common stock into which they were converted.

Basic earnings per share (“EPS”) is computed based on the weighted average number of shares of

Class A-1

shares outstanding during the period. Diluted EPS is computed based on the weighted average number of shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, stockholder notes receivable, warrants and

Class A-2

common stock for

Class A-1

common stock.

The components of basic and diluted EPS were as follows (in thousands, except per share amounts):


	2019			2018		2017
Net (loss) income	$	(5,864	)	$	10,803	$	8,311

Basic weighted average outstanding shares of common stock		61,850			57,621		56,321
Dilutive effect of stock-based awards for common stock		—			1,605		666
Dilutive effect of stockholder notes receivable for common stock		—			407		53
Dilutive effect of warrants for common stock		—			2,549		2,368

Diluted weighted average outstanding shares of common stock		61,850			62,182		59,408

Earnings (loss) per share:
Basic	$	(0.09	)	$	0.19	$	0.15
Diluted	$	(0.09	)	$	0.17	$	0.14

Since the Company was in a net loss position for the year ended December 31, 2019, there is no difference between basic and dilutive weighted average common stock outstanding.

Anti-dilutive stock-based awards,

Class A-2

shares, and warrants excluded from the calculations of diluted EPS were 28,561,724, 439,167, and 629,960 for the years ended December 31, 2019, 2018 and 2017, respectively.