Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2020

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, senior convertible notes and warrants 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 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 for the periods presented (in thousands):


	Successor	Predecessor
	Period from November 20, 2020 through December 31, 2020	Period from January 1, 2020 through November 19, 2020	Year Ended December 31,
			2019	2018


Weighted average common shares outstanding:
Basic and diluted	19,991	317,644	315,002	307,480



Anti-dilutive weighted average common shares:
Unvested restricted stock awards and PSUs	9	5,216	9,242	6,980

During the period from November 20, 2020 through December 31, 2020 (Successor), 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 period from November 20, 2020 through December 31, 2020 (Successor) excludes the dilutive effect of warrants outstanding that were anti-dilutive under the treasury stock method. During the period from January 1, 2020 through November 19, 2020 (Predecessor) and the years ended December 31, 2019 and 2018 (Predecessor), 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.

The Company has the option to settle conversions of its Predecessor Senior Convertible Notes (see Note 15—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

Predecessor notes during the period from January 1, 2020 through November 19, 2020 and the years ended December 31, 2019 and 2018 and accordingly, there was no impact to diluted earnings per share.