Earnings (Loss) Per Share
|9 Months Ended|
Sep. 30, 2020
|Earnings Per Share [Abstract]|
|Earnings (Loss) Per Share||
NOTE 12 – EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional common shares that could have been outstanding assuming the exercise of stock options, exercise of warrants, conversion of Series A and Series B preferred stock, conversion of Class B common stock and vesting of restricted shares of Class A common stock.
Basic and diluted net income (loss) per share excludes the income (loss) attributable to and shares associated with the 1,609,677 shares of Class A common stock that are subject to cancellation on November 9, 2024 if certain market conditions have not been met. The Company has included in the calculation accrued dividends on Series A and Series B preferred stock and deemed dividends resulting from the amortization of discounts related to the Series A preferred stock.
The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated based on the weighted average number of shares of Class A common stock outstanding for the period (in thousands, except share and per share amounts):
A summary of securities excluded from the computation of diluted earnings per share is presented below for the applicable periods:
The entire disclosure for earnings per share.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef