Halcon Resources Corporation Just Filed Its Quarterly Report: 13. EARNINGS PER ...

13. EARNINGS PER COMMON SHARE

        On September 9, 2016, upon emergence from chapter 11 bankruptcy, the Company's Predecessor equity was cancelled and new equity was issued. Refer to Note 2, "Reorganization," for further details.

        The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):

                                                                                                                                                                                    

 

 

Successor

 

 

 

Predecessor

 

 

 

Period from
September 10, 2016
through
September 30, 2016

 

 

 

Period from
July 1, 2016
through
September 9, 2016

 

Three Months
Ended
September 30, 2015

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common stockholders

 

$

(451,483

)

 

 

$

916,421

 

$

123,528

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Weighted average basic number of common shares outstanding

 

 

91,071

 

 

 

 

120,905

 

 

117,211

 

​  

​  

​  

​  

​  

​  

​  

Basic net income (loss) per share of common stock

 

$

(4.96

)

 

 

$

7.58

 

$

1.05

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common stockholders

 

$

(451,483

)

 

 

$

916,421

 

$

123,528

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Interest on Convertible Note, net

 

 

 

 

 

 

1,522

 

 

4,664

 

Series A preferred dividends

 

 

 

 

 

 

2,451

 

 

4,196

 

​  

​  

​  

​  

​  

​  

​  

Net income (loss) available to common stockholders after assumed conversions

 

$

(451,483

)

 

 

$

920,394

 

$

132,388

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Weighted average basic number of common shares outstanding

 

 

91,071

 

 

 

 

120,905

 

 

117,211

 

Common stock equivalent shares representing shares issuable upon:

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

Anti-dilutive

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

Exercise of February 2012 Warrants

 

 

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

Exercise of warrants

 

 

Anti-dilutive

 

 

 

 

 

 

 

Vesting of restricted shares

 

 

Anti-dilutive

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

Vesting of performance units

 

 

 

 

 

 

 

 

 

Conversion of Convertible Note          

 

 

 

 

 

 

23,743

 

 

23,744

 

Conversion of Series A Preferred Stock

 

 

 

 

 

 

7,228

 

 

10,003

 

​  

​  

​  

​  

​  

​  

​  

Weighted average diluted number of common shares outstanding

 

 

91,071

 

 

 

 

151,876

 

 

150,958

 

​  

​  

​  

​  

​  

​  

​  

Diluted net income (loss) per share of common stock

 

$

(4.96

)

 

 

$

6.06

 

$

0.88

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

Successor

 

 

 

Predecessor

 

 

 

Period from
September 10, 2016
through
September 30, 2016

 

 

 

Period from
January 1, 2016
through
September 9, 2016

 

Nine Months
Ended
September 30, 2015

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common stockholders

 

$

(451,483

)

 

 

$

(32,794

)

$

(1,582,246

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Weighted average basic number of common shares outstanding

 

 

91,071

 

 

 

 

120,513

 

 

103,525

 

​  

​  

​  

​  

​  

​  

​  

Basic net income (loss) per share of common stock

 

$

(4.96

)

 

 

$

(0.27

)

$

(15.28

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common stockholders

 

$

(451,483

)

 

 

$

(32,794

)

$

(1,582,246

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Interest on Convertible Note, net

 

 

 

 

 

 

 

 

 

Series A preferred dividends

 

 

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

Net income (loss) available to common stockholders after assumed conversions

 

$

(451,483

)

 

 

$

(32,794

)

$

(1,582,246

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Weighted average basic number of common shares outstanding

 

 

91,071

 

 

 

 

120,513

 

 

103,525

 

Common stock equivalent shares representing shares issuable upon:

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

Anti-dilutive

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

Exercise of February 2012 Warrants

 

 

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

Exercise of warrants

 

 

Anti-dilutive

 

 

 

 

 

 

 

Vesting of restricted shares

 

 

Anti-dilutive

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

Vesting of performance units

 

 

 

 

 

 

 

 

 

Conversion of Convertible Note          

 

 

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

Conversion of Series A Preferred Stock

 

 

 

 

 

 

Anti-dilutive

 

 

Anti-dilutive

 

​  

​  

​  

​  

​  

​  

​  

Weighted average diluted number of common shares outstanding

 

 

91,071

 

 

 

 

120,513

 

 

103,525

 

​  

​  

​  

​  

​  

​  

​  

Diluted net income (loss) per share of common stock

 

$

(4.96

)

 

 

$

(0.27

)

$

(15.28

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

        Common stock equivalents, including stock options, warrants, restricted shares, convertible debt and preferred stock totaling 11.1 million, 11.9 million and 43.6 million shares for the period from September 10, 2016 through September 30, 2016 (Successor), the period from July 1, 2016 through September 9, 2016 (Predecessor), the period from January 1, 2016 through September 9, 2016 (Predecessor), respectively, were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.

        Common stock equivalents, including stock options, warrants and restricted shares totaling 13.1 million shares for the three months ended September 30, 2015 (Predecessor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive. Common stock equivalents, including stock options, warrants, restricted shares, convertible debt, and preferred stock totaling 47.8 million shares for the nine months ended September 30, 2015 (Predecessor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net loss.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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