Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, a company that has participating securities (for example, our Preferred Stock) is required to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings between the holders of common stock and a company’s participating securities. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, Warrants, and Preferred Stock.

The following table summarizes the computation of basic and diluted net income (loss) per common share.


	Years Ended December 31,
		2020		2019		2018
Numerator:
Loss from continuing operations		$	(139,490)	$	(30,749)	$	(221,220)
Less: Preferred Stock cumulative dividends and deemed dividends		(12,373)		(642)		—



Numerator for basic and diluted loss from continuing operations per common share (1)		(151,863)		(31,391)		(221,220)
Income (loss) from discontinued operations, net of tax (Note 2)		38,898		(15,992)		(41,767)



Numerator for basic and diluted undistributed net loss per common share (1)		$	(112,965)	$	(47,383)	$	(262,987)

Denominator:
Weighted average common shares outstanding, basic and diluted		42,199		42,030		31,678



Per common share net loss:
Basic loss from continuing operations per common share		$	(3.60)	$	(0.75)	$	(6.98)
Basic income (loss) from discontinued operations per common share		0.92		(0.38)		(1.32)
Basic net loss per common share		$	(2.68)	$	(1.13)	$	(8.30)
Diluted loss from continuing operations per common share		$	(3.60)	$	(0.75)	$	(6.98)
Diluted income (loss) from discontinued operations per common share		0.92		(0.38)		(1.32)
Diluted net loss per common share		$	(2.68)	$	(1.13)	$	(8.30)
Cash dividends declared per common share		$	—	$	0.21	$	0.28

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(1) Preferred Stock does not participate in losses.

The following table presents potentially dilutive securities that were excluded from the calculation of diluted net income (loss) per common share because they had an anti-dilutive effect.


	Year Ended December 31,
	2020	2019	2018
Options	871	577	428
Warrants	1,500	1,500	—
Preferred Stock, as-converted	19,021	12,976	—
	21,392	15,053	428

We have elected to allocate undistributed income to participating securities based on year-to-date results. As there was no undistributed income for the years ended December 31, 2020, and 2019, no such allocation was necessary. In addition, given the undistributed loss from continuing operations in the years ended December 31, 2020, 2019, and 2018, all options and warrants are considered anti-dilutive and were excluded from the calculation of diluted net income (loss) per share. Stock options excluded from the calculations of diluted net income (loss) per share had a per share exercise price ranging from $7.93 to $25.16 for the year ended December 31, 2020, $8.54 to $25.16 for year ended December 31, 2019, and $4.42 to $25.16 for the year ended December 31, 2018. Warrants excluded from the calculation of diluted net income (loss) per share for the years ended December 31, 2020 and 2019, had a per share exercise price of $12.00. Preferred Stock excluded from the calculation of diluted net income (loss) per share for the years ended December 31, 2020 and 2019, was calculated on an as-converted basis. Holders of Preferred Stock will have the right to convert up to 25% of their Preferred Stock into common shares per quarter after December 31, 2023, at a conversion price that equals a 30-day volume weighted average price per common share. Under certain conditions, holders of Preferred Stock may elect to convert their Preferred Stock into common shares at an earlier date after March 31, 2023, at a conversion price that equals 90% of the volume weighted average market price per common share. The potentially dilutive Preferred Stock in the preceding table presents the more dilutive result of these conversion prices as if the Preferred Stock were converted on December 31, 2020.