Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.10.0.1
Income Per Share
9 Months Ended
Sep. 30, 2018
Income Per Share  
Income Per Share

12. Income Per Share

The following table provides a reconciliation of net income attributable to common shareholders and weighted-average common shares outstanding for basic and diluted income per share for the periods presented:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

    

2018

    

2017

    

2018

    

2017

 

 

(in thousands, except per

 

(in thousands, except per

 

 

share amounts)

 

share amounts)

Net Income:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

11,516

 

$

3,663

 

$

13,977

 

$

35,890

Participating securities—non-vested restricted stock

 

 

(351)

 

 

(82)

 

 

(400)

 

 

(932)

Basic and diluted income

 

$

11,165

 

$

3,581

 

$

13,577

 

$

34,958

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares:

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding — basic (1)

 

 

25,332

 

 

25,116

 

 

25,321

 

 

25,074

Dilutive effect of potential common shares

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Common shares outstanding — diluted

 

 

25,332

 

 

25,116

 

 

25,321

 

 

25,074

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.44

 

$

0.14

 

$

0.54

 

$

1.39

Diluted

 

$

0.44

 

$

0.14

 

$

0.54

 

$

1.39

Antidilutive stock options (2)

 

 

209

 

 

424

 

 

209

 

 

526

Antidilutive warrants (3)

 

 

6,626

 

 

6,626

 

 

6,626

 

 

6,626


(1)

Weighted-average common shares outstanding for basic and diluted income per share purposes includes 9,407 and 17,533 shares of common stock that, while not issued and outstanding at September 30, 2018 or 2017, respectively, are required by the First Amended Joint Chapter 11 Plan of Reorganization of Midstates Petroleum Company, Inc. and its Debtor Affiliate as filed on September 28, 2016, to be issued. Weighted-average common shares outstanding for basic and diluted income per share purposes also includes 57,856 director shares that vested as of December 31, 2017, but final issuance of the vested shares was deferred by the non-employee directors until 2020. 

 

(2)

Amount represents options to purchase common stock that are excluded from the diluted net income per share calculations because of their antidilutive effect.

 

(3)

Amount represents warrants to purchase common stock that are excluded from the diluted net income per share calculations because of their antidilutive effect.