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 and contingently issuable shares related to PSUs and the Senior Convertible Notes during the periods presented, unless its effect is anti-dilutive. There are no adjustments made to the 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 three months ended March 31, 2019 and 2018:



	Three Months Ended March 31,
	2019	2018
	(In thousands)
Basic weighted average common shares outstanding	314,464	290,105
Dilutive effect of restricted stock awards and PSUs⁽¹⁾	—	1,633
Diluted weighted average common shares outstanding	314,464	291,738

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(1)	No unvested stock awards were included in computing earnings (loss) per share for the three months ended March 31, 2019 because the effects were anti-dilutive.

For the three months ended March 31, 2019, the Company incurred a net loss, and therefore the diluted loss per share calculation for the period excludes the anti-dilutive effect of unvested stock awards. In addition, the Company excluded the unvested stock awards from the diluted earnings (loss) per share calculation for the three months ended March 31, 2018 because the effects were anti-dilutive based on 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:



	Three Months Ended March 31,
	2019	2018
	(In thousands)
Restricted stock awards and PSUs	9,800	5,281

The Company issued its Senior Convertible Notes in September 2016 (see Note 11 — 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 March 31, 2019 and 2018, the conversion value did not exceed the principal amount of the notes, and accordingly, there was no impact to diluted earnings per share for the three months ended March 31, 2019 and 2018.