| Reconciliation of denominators used to calculate basic and diluted EPS |
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and nine months ended September 30, 2020 and 2019 are as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In thousands, except share and per share data) |
2020 |
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2019 |
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2020 |
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2019 |
| Net Income (Loss) |
$ |
(233,004) |
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$ |
94,381 |
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$ |
(763,918) |
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$ |
31,619 |
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| Less: Cumulative Dividends on Preferred Stock |
(3,718) |
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— |
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(10,986) |
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— |
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| Net Income (Loss) Attributable to Common Stock |
$ |
(236,722) |
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$ |
94,381 |
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$ |
(774,904) |
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$ |
31,619 |
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| Weighted Average Common Shares Outstanding: |
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| Weighted Average Common Shares Outstanding – Basic |
43,517,074 |
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39,604,482 |
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41,812,553 |
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38,204,403 |
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| Plus: Dilutive Effect of Restricted Stock |
— |
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48,588 |
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— |
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70,023 |
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| Plus: Dilutive Effect of Preferred Shares |
— |
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— |
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— |
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— |
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| Weighted Average Common Shares Outstanding – Diluted |
43,517,074 |
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39,653,070 |
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41,812,553 |
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38,274,426 |
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| Net Income (Loss) per Common Share: |
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| Basic |
$ |
(5.44) |
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$ |
2.38 |
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$ |
(18.53) |
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$ |
0.83 |
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| Diluted |
$ |
(5.44) |
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$ |
2.38 |
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$ |
(18.53) |
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$ |
0.83 |
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| Shares Excluded from EPS Due to Anti-Dilutive Effect: |
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| Restricted Stock |
84,319 |
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8,821 |
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54,885 |
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4,033 |
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| Preferred Stock |
10,057,601 |
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— |
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9,880,344 |
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— |
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| Supplemental cash flow activity |
The following reflects the Company’s supplemental cash flow information:
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Nine Months Ended September 30, |
| (In thousands) |
2020 |
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2019 |
| Supplemental Cash Items: |
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| Cash Paid During the Period for Interest, Net of Amount Capitalized |
$ |
42,736 |
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$ |
52,916 |
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| Cash Paid During the Period for Income Taxes |
— |
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— |
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| Non-cash Operating Activities: |
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| Contingent Consideration Settlements in Excess of Acquisition-Date Liabilities |
— |
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18,480 |
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| Non-cash Investing Activities: |
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| Oil and Natural Gas Properties Included in Accounts Payable and Accrued Liabilities |
76,498 |
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178,772 |
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| Capitalized Asset Retirement Obligations |
457 |
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3,703 |
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| Compensation Capitalized on Oil and Gas Properties |
385 |
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296 |
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| Issuance of Common Stock - Acquisitions of Oil and Natural Gas Properties |
— |
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11,708 |
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| Issuance of Unsecured VEN Bakken Note |
— |
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128,660 |
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| Non-cash Financing Activities: |
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Issuance of 8.50% Second Lien Notes due 2023 - PIK Interest |
— |
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3,480 |
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| Issuance of Common Stock for 2L Notes Repurchase |
37,169 |
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— |
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| Issuance of Preferred Stock for 2L Notes Repurchase |
81,212 |
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— |
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| Issuance of Common Stock for Preferred Stock Exchange |
1,113 |
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— |
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| Debt Exchange Derivative Liability Settlements |
— |
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15,735 |
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| Contingent Consideration Settlements |
— |
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17,822 |
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