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, 2021

Basic earnings (loss) per share is computed by dividing net income (loss) 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 and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the three months ended March 31, 2021, the Company reported a net loss. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
	2021	2020
	(In thousands, except per share amounts)



Net Income (Loss)	($80,407)	$216,565
Basic weighted average common shares outstanding (1)	42,590	39,667
Dilutive impact of restricted stock (1)	—	17
Dilutive impact of warrants (1)	—	—
Diluted weighted average common shares outstanding (1)	42,590	39,684

Net Income (Loss) Per Common Share (1)
Basic	($1.89)	$5.46
Diluted	($1.89)	$5.46

Restricted stock (1)(2)	702	337
Warrants (1)(2)	5,826	481

(1) Shares and per share data have been retroactively adjusted to reflect the Company’s 1-for-10 reverse stock split effective August 7, 2020. See “Note 10 - Stockholders’ Equity” for additional information.

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