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,
	2018	2017	2016
	(In thousands)
Basic weighted average common shares outstanding	307,480	234,986	183,615
Dilutive effect of restricted stock awards and PSUs⁽¹⁾	—	2,889	—
Diluted weighted average common shares outstanding	307,480	237,875	183,615

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(1)	No unvested stock awards were included in computing loss per share for the years ended December 31, 2018 and 2016 because the effect was anti-dilutive.

During the years ended December 31, 2018 and 2016, the Company incurred a net loss, and therefore the diluted loss per share calculation for those periods excludes the anti-dilutive effect of unvested stock awards. In addition, the diluted earnings per share calculation for the year ended December 31, 2017 excludes the dilutive effect of unvested stock awards that were anti-dilutive under the treasury stock method. 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,
	2018	2017	2016
	(In thousands)
Restricted stock awards and PSUs	6,980	2,881	5,075

The Company issued its Senior Convertible Notes in September 2016 (see Note 12 — 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, 2018, 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, 2018, 2017 and 2016.