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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2019
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 16—EARNINGS PER SHARE Earnings per share are based on the amount of income allocated to the shareholders and the weighted-average number of shares outstanding during the period for each class of common stock. Outstanding options to purchase 2,972,967, 1,834,105, 2,976,537 and 1,848,482 shares are not included in the calculation of diluted weighted-average shares outstanding for the Current Quarter, Prior Quarter, Current Period and Prior Period, respectively, as the effect is antidilutive. The following tables present the Company’s calculation of basic and diluted earnings per share for the Current and Prior Quarter and the Current and Prior Period (dollars in thousands, except share and per share amounts):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, 2019 | ​ | Three months ended June 30, 2018
​ | ​ | Select Energy Services, Inc. | ​ | Class A | ​ | Class A-2 | ​ | Class B | ​ | Select Energy Services, Inc. | ​ | Class A | ​ | Class A-2 | ​ | Class B
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 8,068 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 25,023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to noncontrolling interests | ​ | ​ | (1,868) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (8,060) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to Select Energy Services, Inc. — basic | ​ | ​ | 6,200 | ​ | $ | 6,200 | ​ | $ | — | ​ | $ | — | ​ | ​ | 16,963 | ​ | $ | 16,963 | ​ | $ | — | ​ | $ | —
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock | ​ | ​ | 9 | ​ | ​ | 9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | —
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of stock options | ​ | ​ | 3 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 22 | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | —
Net income attributable to Select Energy Services, Inc. — diluted | ​ | $ | 6,212 | ​ | $ | 6,212 | ​ | $ | — | ​ | $ | — | ​ | $ | 16,991 | ​ | $ | 16,991 | ​ | $ | — | ​ | $ | —
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares of common stock outstanding — basic | ​ | ​ | ​ | ​ | ​ | 78,544,502 | ​ | ​ | — | ​ | ​ | 26,026,843 | ​ | ​ | ​ | ​ | ​ | 71,412,158 | ​ | ​ | — | ​ | ​ | 34,677,182
Dilutive effect of restricted stock | ​ | ​ | ​ | ​ | ​ | 471,542 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 71,969 | ​ | ​ | — | ​ | ​ | —
Dilutive effect of stock options | ​ | ​ | ​ | ​ | ​ | 150,889 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 261,582 | ​ | ​ | — | ​ | ​ | —
Dilutive effect of ESPP | ​ | ​ | ​ | ​ | ​ | 102 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 99 | ​ | ​ | — | ​ | ​ | —
Weighted-average shares of common stock outstanding — diluted | ​ | ​ | ​ | ​ | ​ | 79,167,035 | ​ | ​ | — | ​ | ​ | 26,026,843 | ​ | ​ | ​ | ​ | ​ | 71,745,808 | ​ | ​ | — | ​ | ​ | 34,677,182
Earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | ​ | ​ | ​ | $ | 0.08 | ​ | $ | — | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 0.24 | ​ | $ | — | ​ | $ | —
Diluted | ​ | ​ | ​ | ​ | $ | 0.08 | ​ | $ | — | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 0.24 | ​ | $ | — | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30, 2019 | ​ | Six months ended June 30, 2018
​ | ​ | Select Energy Services, Inc. | ​ | Class A | ​ | Class A-2 | ​ | Class B | ​ | Select Energy Services, Inc. | ​ | Class A | ​ | Class A-2 | ​ | Class B
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 9,468 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 41,155 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to noncontrolling interests | ​ | ​ | (2,133) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (14,093) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to Select Energy Services, Inc. — basic | ​ | ​ | 7,335 | ​ | $ | 7,335 | ​ | $ | — | ​ | $ | — | ​ | ​ | 27,062 | ​ | $ | 25,784 | ​ | $ | 1,278 | ​ | $ | —
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock | ​ | ​ | 8 | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17 | ​ | ​ | 18 | ​ | ​ | (1) | ​ | ​ | —
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of stock options | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 49 | ​ | ​ | 53 | ​ | ​ | (4) | ​ | ​ | —
Net income attributable to Select Energy Services, Inc. — diluted | ​ | $ | 7,345 | ​ | $ | 7,345 | ​ | $ | — | ​ | $ | — | ​ | $ | 27,128 | ​ | $ | 25,855 | ​ | $ | 1,273 | ​ | $ | —
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares of common stock outstanding — basic | ​ | ​ | ​ | ​ | ​ | 78,533,761 | ​ | ​ | — | ​ | ​ | 26,026,843 | ​ | ​ | ​ | ​ | ​ | 65,270,048 | ​ | ​ | 3,235,746 | ​ | ​ | 37,488,964
Dilutive effect of restricted stock | ​ | ​ | ​ | ​ | ​ | 351,780 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 118,719 | ​ | ​ | — | ​ | ​ | —
Dilutive effect of stock options | ​ | ​ | ​ | ​ | ​ | 78,353 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 343,127 | ​ | ​ | — | ​ | ​ | —
Dilutive effect of ESPP | ​ | ​ | ​ | ​ | ​ | 195 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 83 | ​ | ​ | — | ​ | ​ | —
Weighted-average shares of common stock outstanding — diluted | ​ | ​ | ​ | ​ | ​ | 78,964,089 | ​ | ​ | — | ​ | ​ | 26,026,843 | ​ | ​ | ​ | ​ | ​ | 65,731,977 | ​ | ​ | 3,235,746 | ​ | ​ | 37,488,964
Earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | ​ | ​ | ​ | $ | 0.09 | ​ | $ | — | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 0.40 | ​ | $ | 0.40 | ​ | $ | —
Diluted | ​ | ​ | ​ | ​ | $ | 0.09 | ​ | $ | — | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 0.39 | ​ | $ | 0.39 | ​ | $ | —
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