Income Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of reconciliation of net income attributable to common shareholders and weighted average common shares outstanding for basic and diluted earnings per share

	Three Months Ended March 31,
	2018			2017
	(in thousands, except per share amounts)
Net Income:
Net income	$	4,004		$	18,485
Participating securities—non-vested restricted stock	(99		)	(546		)

Basic and diluted income	$	3,905		$	17,939


Common Shares:
Common shares outstanding — basic (1)	25,299			25,012
Dilutive effect of potential common shares	—			—

Common shares outstanding — diluted	25,299			25,012


Net Income Per Share:
Basic	$	0.15		$	0.72

Diluted	$	0.15		$	0.72

Antidilutive stock options (2)	500			627

Antidilutive warrants (3)	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 March 31, 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 (the “Plan”) 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 earnings 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.