W&T Offshore, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

NOTE 14 — EARNINGS PER SHARE

The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities and are included in the computation of earnings per share under the two-class method when the effect is dilutive.

The following table presents the calculation of basic and diluted earnings per common share (in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021		2020
Net income (loss)	$	231,149	$	(41,478)	$	37,790

Weighted average common shares outstanding - basic		143,143		142,271		141,622
Dilutive effect of securities		1,947		—		1,655
Weighted average common shares outstanding - diluted		145,090		142,271		143,277
Earnings per common share:
Basic	$	1.61	$	(0.29)	$	0.26
Diluted	$	1.59	$	(0.29)	$	0.26

Shares excluded due to being anti-dilutive (weighted average)		—		1,370		—