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, 2022

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 stock units 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,
	2022	2021
	(In thousands, except per share amounts)



Net Income (Loss)	$39,737	($80,407)
Basic weighted average common shares outstanding	61,487	42,590
Dilutive impact of restricted stock units	578	—

Diluted weighted average common shares outstanding	62,065	42,590

Net Income (Loss) Per Common Share
Basic	$0.65	($1.89)
Diluted	$0.64	($1.89)

Restricted stock units (1)	3	702
Warrants (1)	327	5,826

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