Earnings Per Share

The Company’s non-vested restricted stock that was granted prior to March 2015 is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest. Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings.



(in thousands, except per common share data)	Three months ended June 30,					Six months ended June 30,
(in thousands, except per common share data)	2018		2017			2018		2017
Net income (loss) attributable to The Andersons, Inc.	$	21,529	$	(26,653	)	$	19,829	$	(29,742	)
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	—		—			—		—
Earnings (losses) available to common shareholders	$	21,529	$	(26,653	)	$	19,829	$	(29,742	)
Earnings per share – basic:
Weighted average shares outstanding – basic	28,261		28,350			28,249		28,316
Earnings (losses) per common share – basic	$	0.76	$	(0.94	)	$	0.70	$	(1.05	)
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,261		28,350			28,249		28,316
Effect of dilutive awards	128		—			187		—
Weighted average shares outstanding – diluted	28,389		28,350			28,436		28,316
Earnings (losses) per common share – diluted	$	0.76	$	(0.94	)	$	0.70	$	(1.05	)

There were 28 thousand and 25 thousand antidilutive stock-based awards outstanding for the three and six months ended June 30, 2018, respectively. All outstanding share awards were antidilutive for the three and six months ended June 30, 2017 as the Company incurred a net loss in these periods.