Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Earnings (Loss) Per ShareBasic 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 table summarizes the basic and diluted weighted average common shares outstanding and the weighted average common shares excluded from the calculation of diluted weighted average common shares outstanding due to the anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019

	(In thousands)
Weighted average common shares outstanding:
Basic and diluted	318,287	315,135	317,365	314,863




Anti-dilutive weighted average common shares:
Unvested restricted stock awards and PSUs	4,292	9,825	7,420	10,106

For the three and nine months ended September 30, 2020 and for the nine months ended September 30, 2019, 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 three months ended September 30, 2019 excludes the impact of unvested stock awards that were anti-dilutive under the treasury stock method.

The Company has the option to settle conversions of its Senior Convertible Notes (see Note 11 — Long-Term Debt) 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. The conversion value did not exceed the principal amount of the Senior Convertible Notes during the three and nine months ended September 30, 2020 and 2019, and accordingly, there was no impact to diluted loss per share.