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Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and nine months ended September 30, 2019, there were 319,162 and 1,312,737 common stock equivalents, respectively, related to equity-based awards were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 672,399 and 1,526,109 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2018, respectively.
 
Three months ended September 30,
 
Nine months ended September 30,
In thousands except per share amounts
2019
 
2018
 
2019
 
2018
Net income (loss) available to common stockholders:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(14,277
)
 
$
(53,044
)
 
$
(75,935
)
 
$
(49,423
)
Income (loss) from discontinued operations
—

 
—

 
5,693

 
550

 
$
(14,277
)
 
$
(53,044
)
 
$
(70,242
)
 
$
(48,873
)
 
 
 
 
 
 
 
 
Weighted average shares:
 
 
 
 
 
 
 
Basic
225,860

 
185,246

 
212,098

 
184,935

Effect of stock-based compensation plans
—

 
—

 
—

 
—

Diluted
225,860


185,246


212,098


184,935

 
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.06
)
 
$
(0.29
)
 
$
(0.36
)
 
$
(0.27
)
Income (loss) from discontinued operations
—

 
—

 
0.03

 
—

Basic(1)
$
(0.06
)
 
$
(0.29
)
 
$
(0.33
)

$
(0.26
)
 
 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.06
)
 
$
(0.29
)
 
$
(0.36
)
 
$
(0.27
)
Income (loss) from discontinued operations
—

 
—

 
0.03

 
—

Diluted(1)
$
(0.06
)
 
$
(0.29
)
 
$
(0.33
)

$
(0.26
)

(1) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share.
On June 4, 2019, the Company completed a $50.0 million “at the market” offering of its common stock, par value $0.01 per share (the “First Offering”). The First Offering was conducted pursuant to an Equity Distribution Agreement, entered into on May 20, 2019 between the Company and Citigroup Global Markets Inc. as the sales agent. The Company sold a total of 16,630,444 shares of its common stock at an average price of $3.00 per share, raising net proceeds (after sales commissions) of $48.9 million in the First Offering. Proceeds from the First Offering were used to repay outstanding amounts under the RCF.
On September 10, 2019, the Company completed a $75.0 million “at the market” offering of its common stock, par value $0.01 per share (the “Second Offering” and, together with the First Offering, referred to herein as the “Offerings”). The Second Offering was conducted pursuant to an Equity Distribution Agreement, entered into on August 12, 2019 between the Company and Citigroup Global Markets Inc. and BMO Capital Markets Corp. as the sales agent. The Company sold a total of 14,219,677 shares of its common stock at an average price of $5.27 per share, raising net proceeds (after sales commissions) of $73.8 million in the Second Offering. Proceeds from the Offering were used to repay the RCF and for general working capital purposes.