Earnings (Loss) Per Share

We have two classes of common stock, Class A common stock and Class B common stock. Other than voting rights, the Class B common stock has the same rights as the Class A common stock and therefore both are treated as the same class of stock for purposes of the earnings per share calculation. Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards, contingently issuable shares, or convertible securities were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and contingently issuable shares determined using the treasury stock method, and convertible securities using the if-converted method.

The following table summarize the computations of basic and diluted earnings per share:



For the three months ended March 31,	2019			2018
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Loss from continuing operations	$	(110,314	)	$	(165,635	)
Net income attributable to noncontrolling interests	(2,731		)	(1,692		)
Loss from continuing operations attributable to Laureate Education, Inc.	(113,045		)	(167,327		)

Accretion of redemption value of redeemable noncontrolling interests and equity	263			(76		)
Adjusted for: accretion related to noncontrolling interests and equity redeemable at fair value	—			(3		)
Accretion of Series A Preferred Stock	—			(57,324		)
Subtotal: accretion of other redeemable noncontrolling interests and equity and Series A Preferred Stock, net	263			(57,403		)
Net loss available to common stockholders for basic and diluted earnings per share	$	(112,782	)	$	(224,730	)

Numerator used in basic and diluted earnings per common share for discontinued operations:
Income from discontinued operations, net of tax	$	56,574		$	18,853
Gain on sale of discontinued operations, net of tax	248,005			318,327
Income attributable to noncontrolling interests	(291		)	(974		)
Net income from discontinued operations for basic and diluted earnings per share	$	304,288		$	336,206

Denominator used in basic and diluted earnings (loss) per common share:
Basic and diluted weighted average shares outstanding	224,655			187,765

Basic and diluted earnings (loss) per share:
Loss from continuing operations	$	(0.50	)	$	(1.20	)
Income from discontinued operations	1.35			1.79
Basic and diluted earnings per share	$	0.85		$	0.59

For the three months ended March 31, 2018, the shares of Class A common stock that were issuable upon conversion of the Series A Preferred Stock, which occurred on April 23, 2018, were not included in the calculation of diluted EPS as the effect would have been antidilutive.

The following table summarizes the number of stock options, shares of restricted stock and restricted stock units (RSUs) that were excluded from the diluted EPS calculations because the effect would have been antidilutive:



For the three months ended March 31,	2019	2018
Stock options	8,970	9,840
Restricted stock and RSUs	983	1,003