Earnings Per Share

12 Months Ended

Dec. 31, 2019

12. Earnings Per Share

Calculations of net income per common share were as follows (in thousands, except per share data):


	Year Ended December 31,
	2019			2018
Net (loss) Income	$	(19,214	)	$	181,313
Basic weighted average common shares outstanding		54,863			54,863

Add: Incremental shares for:
Diluted effects of stock options		—			559

Diluted weighted average common shares outstanding		54,863			55,422

Net (loss) income per common share
Basic	$	(.35	)	$	3.30

Diluted	$	(.35	)	$	3.27

Basic (loss) income per common share is computed by dividing net (loss) income attributable the Company by the weighted average number of common shares outstanding during the period.

The number of incremental shares from the assumed issuance of shares related to the 2015 Stock Option is calculated by applying the treasury stock method. In loss periods, these incremental shares are excluded from the calculation of diluted loss per share, as the inclusion of these items would have an anti-dilutive effect.

Net income at December 31, 2018 was driven by the gain on the extinguishment of debt of $198,729, resulting from the troubled debt restructuring in December 2018.