Earnings Per Share.

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE.

10. EARNINGS PER SHARE.

The following tables compute basic and diluted earnings per share (in thousands, except per share data):

	Three Months Ended September 30, 2020
	Income Numerator			Shares Denominator		Per-Share Amount
Net income attributed to Pacific Ethanol, Inc.	$	15,215
Less: Preferred stock dividends		(319	)
Basic income per share:
Income available to common stockholders	$	14,896			58,503	$	0.25
Add: Dilutive securities		—			3,196
Diluted income per share:
Income available to common stockholders	$	14,896			61,699	$	0.24

	Three Months Ended September 30, 2019
	Loss Numerator			Shares Denominator		Per-Share Amount
Net loss attributed to Pacific Ethanol, Inc.	$	(27,326	)
Less: Preferred stock dividends		(319	)
Basic and diluted loss per share:
Loss available to common stockholders	$	(27,645	)		47,777	$	(0.58	)

	Nine Months Ended September 30, 2020
	Income Numerator			Shares Denominator		Per-Share Amount
Net income attributed to Pacific Ethanol, Inc.	$	5,079
Less: Preferred stock dividends		(949	)
Basic income per share:
Income available to common stockholders	$	4,130			55,620	$	0.07
Add: Dilutive securities		—			2,338
Diluted income per share:
Income available to common stockholders	$	4,130			57,958	$	0.07

	Nine Months Ended September 30, 2019
	Loss Numerator			Shares Denominator		Per-Share Amount
Net loss attributed to Pacific Ethanol, Inc.	$	(47,862	)
Less: Preferred stock dividends		(946	)
Basic and diluted loss per share:
Loss available to common stockholders	$	(48,808	)		47,030	$	(1.04	)

There were an aggregate of 844,000 and 634,000 potentially dilutive weighted-average shares from convertible securities outstanding for the three and nine months ended September 30, 2020 and 2019, respectively. These convertible securities were not considered in calculating diluted net income (loss) per share for the periods presented, as their effect would have been anti-dilutive.

On October 28, 2020, the Company closed an underwritten public offering of 5,075,000 shares of its common stock at a public offering price of $8.42 per share and 5-year pre-funded warrants to purchase 3,825,493 shares of common stock at a public offering price of $8.42 per pre-funded warrant. In addition, in a concurrent private placement, the Company also issued to the investor, for a nominal price, warrants to purchase an additional 8,900,493 shares of common stock at an exercise price of $9.757 per share. The warrants will become exercisable after the six-month anniversary of the offering and will expire on the 18-month anniversary of the offering. The aggregate gross proceeds from the offerings of common stock, pre-funded warrants and warrants was approximately $75.0 million. The net offering proceeds were approximately $70.0 million after deducting underwriting discounts and commissions and other estimated offering expenses.