Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing the earnings (loss) attributable to Oasis common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings (loss) per share includes the potential dilutive impact of unvested restricted stock awards, contingently issuable shares related to PSUs and senior convertible notes during the periods presented, unless their effect is anti-dilutive. There are no adjustments made to income (loss) attributable to Oasis available to common stockholders in the calculation of diluted earnings (loss) per share.

The following is a calculation of the basic and diluted weighted average shares outstanding for the periods presented:



	Year Ended December 31,
	2017	2016	2015
	(In thousands)
Basic weighted average common shares outstanding	234,986	183,615	130,186
Dilutive effect of restricted stock awards and PSUs⁽¹⁾	2,889	—	—
Diluted weighted average common shares outstanding	237,875	183,615	130,186

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(1)	No unvested stock awards were included in computing loss per share for the years ended December 31, 2016 and 2015 because the effect was anti-dilutive.

During the year ended December 31, 2017, the diluted earnings per share calculation excludes the dilutive effect of unvested stock awards that were anti-dilutive under the treasury stock method. In addition, the Company incurred a net loss for the years ended December 31, 2016 and 2015, and therefore the diluted loss per share calculation for those periods excludes the anti-dilutive effect of unvested stock awards. The following is a calculation of weighted average common shares excluded from diluted earnings (loss) per share due to the anti-dilutive effect:



	Year Ended December 31,
	2017	2016	2015
	(In thousands)
Restricted stock awards and PSUs	2,881	5,075	2,842

The Company issued its Senior Convertible Notes in September 2016 (see Note 10 — Long-Term Debt). The Company has the option to settle conversions of its Senior Convertible Notes with cash, shares of common stock or a combination of cash and common stock at its election. The Company’s intent is to settle the principal amount of the Senior Convertible Notes in cash upon conversion. As a result, only the amount by which the conversion value exceeds the aggregate principal amount of the notes (conversion spread) is considered in the diluted earnings per share computation under the treasury stock method. As of December 31, 2017 and 2016, the conversion value did not exceed the principal amount of the notes, and accordingly, there was no impact to diluted earnings per share for years ended December 31, 2017 and 2016.