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

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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 for those periods.

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
	(In thousands, except per share amounts)



Net Income (Loss)	$348,009	($11,695)	$387,746	($92,102)
Basic weighted average common shares outstanding	61,679	46,267	61,583	44,439
Dilutive impact of restricted stock units	230	—	373	—

Diluted weighted average common shares outstanding	61,909	46,267	61,956	44,439

Net Income (Loss) Per Common Share
Basic	$5.64	($0.25)	$6.30	($2.07)
Diluted	$5.62	($0.25)	$6.26	($2.07)

Restricted stock units (1)	26	140	12	882
Warrants (1)	345	1,066	336	3,433

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