Income (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Note 10 — Income (Loss) Per Share

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Except when the effect would be antidilutive, diluted earnings per common share includes the impact of RSUs, PSUs and outstanding warrants.

The following table presents the computation of the Company’s basic and diluted income (loss) per share were as follows (in thousands, except for the per share amounts):

	Year Ended December 31,
	2020			2019		2018⁽¹⁾
Net income (loss)	$	(465,605	)	$	58,729	$	221,540
Weighted average common shares outstanding — basic		67,664			54,185		46,058

Dilutive effect of securities		—			228		3
Weighted average common shares outstanding — diluted		67,664			54,413		46,061
Net income (loss) per common share:
Basic	$	(6.88	)	$	1.08	$	4.81
Diluted	$	(6.88	)	$	1.08	$	4.81
Anti-dilutive potentially issuable securities excluded from diluted common shares⁽²⁾		5,019			4,220		3,538

(1)

For the periods prior to May 10, 2018, the Company retrospectively adjusted the weighted average shares used in determining earnings per share to reflect the number of shares Talos Energy LLC received in the Stone Combination.

(2)

Includes 3.5 million warrants that expired on February 28, 2021.