Net (Loss) Income per Share

9 Months Ended

Sep. 30, 2020

Basic net (loss) income per share measures the performance of an entity over the reporting period. Diluted net (loss) income per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding restricted stock and restricted stock units.

The following table reflects the allocation of net (loss) income to common stockholders and net (loss) income per share computations for the periods indicated based on a weighted average number of common stock outstanding:


	Three Months Ended				Nine Months Ended
(In thousands)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Basic Net (Loss) Income Per Share
Numerator:
Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders	$	(34,502)	$	10,998	$	(78,553)	$	51,151
Denominator:
Basic weighted average common shares outstanding	84,937		74,173		83,299		70,026
Basic net (loss) income per share attributable to Liberty Oilfield Services Inc. stockholders	$	(0.41)	$	0.15	$	(0.94)	$	0.73
Diluted Net (Loss) Income Per Share
Numerator:
Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders	$	(34,502)	$	10,998	$	(78,553)	$	51,151
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	—		5,435		—		26,776
Diluted net (loss) income attributable to Liberty Oilfield Services Inc. stockholders	$	(34,502)	$	16,433	$	(78,553)	$	77,927
Denominator:
Basic weighted average shares outstanding	84,937		74,173		83,299		70,026
Effect of dilutive securities:
Restricted stock	—		545		—		567
Restricted stock units	—		1,690		—		1,757
Class B Common Stock	—		36,656		—		36,656
Diluted weighted average shares outstanding	84,937		113,064		83,299		109,006
Diluted net (loss) income per share attributable to Liberty Oilfield Services Inc. stockholders	$	(0.41)	$	0.15	$	(0.94)	$	0.71

In accordance with GAAP, diluted weighted average common shares outstanding for the three and nine months ended September 30, 2020 exclude 27,763 and 29,259, respectively, weighted average shares of Class B Common Stock, 235 and 250, respectively, weighted average shares of restricted stock, and 2,458 and 2,276, respectively, weighted average shares of restricted stock units.