Kansas City, Mo ? AMC Entertainment Inc. announced Monday that it paid $19.7 million to forgive loans to two officers and lost more money last quarter than analysts had expected. AMC shares fell 21 percent on the news.

The loans were made in 1998 to Chief Executive Officer Peter Brown and Chief Operating Officer Phil Singleton so they could buy AMC shares in a secondary offering. The loans are being forgiven because Brown and Singleton guided the company through tough times, Chief Financial Officer Craig Ramsey said.

The loans were forgiven “to recognize the extraordinary performance of the company and its senior executives over the past few years,” Ramsey said.

Also Monday, AMC announced a pro forma net loss of 28 cents per share, or $10.3 million. Analysts had expected a loss of 18 cents per share. During the same quarter last year, the company lost $14.3 million, or 55 cents per share.