Callon Petroleum Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted shares outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
	2020	2019
	(In thousands, except per share amounts)
Net income (loss)	$216,565	($19,543)
Preferred stock dividends ⁽¹⁾	—	(1,824)
Income (loss) available to common stockholders	$216,565	($21,367)

Basic weighted average common shares outstanding	396,682	227,784
Dilutive impact of restricted stock	154	—
Diluted weighted average common shares outstanding	396,836	227,784

Income (Loss) Available to Common Stockholders Per Common Share
Basic	$0.55	($0.09)
Diluted	$0.55	($0.09)

Restricted stock ⁽²⁾	3,700	356

(1) The Company redeemed all outstanding shares of its 10% Series A Cumulative Preferred Stock (“Preferred Stock”) on July 18, 2019 and all dividends ceased to accrue upon redemption.

(2) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.