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NET LOSS PER SHARE
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
NET LOSS PER SHARE  NET LOSS PER SHARE
Basic net loss per share is calculated by dividing net loss available to Class A common shareholders by the weighted average number of shares of Class A Common Stock outstanding during the period. Class C Common Stock is excluded from the weighted average shares outstanding immediately following the Closing Date for the calculation of basic net loss per share, as holders of Class C Common Stock are not entitled to any dividends or liquidating distributions.
The Company uses the “if-converted method” to determine the potential dilutive effect of (i) an assumed exchange of outstanding Common Units of Altus Midstream (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) for shares of Class A Common Stock, (ii) earn-out consideration payable in shares of Class A Common Stock, and (iii) an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock. The treasury stock method is used to determine the potential dilutive effect of its outstanding warrants.
The computation of basic and diluted net loss per share for the periods presented in the consolidated financial statements is shown in the tables below.
 
Three Months Ended June 30,
 
2020
 
2019
 
Loss
 
Shares(1)
 
Per Share(1)
 
Loss
 
Shares(1)
 
Per Share(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share data)
Basic and diluted:
 
 
 
 
 
 
 
 
 
 
 
Net loss attributable to Class A common shareholders
$
(255
)
 
3,746

 
$
(0.07
)
 
$
(2,293
)
 
3,746

 
$
(0.61
)
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest — Apache limited partner
$
—

 
—

 
 
 
$
—

 
—

 
 
Diluted(2):
 
 
 
 
 
 
 
 
 
 
 
Net loss attributable to Class A common shareholders
$
(255
)
 
3,746

 
$
(0.07
)
 
$
(2,293
)
 
3,746

 
$
(0.61
)
 
Six Months Ended June 30,
 
2020
 
2019
 
Loss
 
Shares(1)
 
Per Share(1)
 
Loss
 
Shares(1)
 
Per Share(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share data)
Basic:
 
 
 
 
 
 
 
 
 
 
 
Net loss attributable to Class A common shareholders
$
(10,108
)
 
3,746

 
$
(2.70
)
 
$
(1,193
)
 
3,746

 
$
(0.32
)
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest — Apache limited partner
$
(36,048
)
 
12,500

 
 
 
$
—

 
—

 


Diluted(2):
 
 
 
 
 
 
 
 
 
 
 
Net loss attributable to Class A common shareholders
$
(46,156
)
 
16,246

 
$
(2.84
)
 
$
(1,193
)
 
3,746

 
$
(0.32
)
(1)
Share and per share amounts have been retroactively restated to reflect the Company’s reverse stock split which was effected June 30, 2020. Refer to Note 9—Equity for further information.
(2)
The effect of the exchange of outstanding Common Units of Altus Midstream (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for the three month periods ended June 30, 2020 and 2019, and also for the six month period ended June 30, 2019.
The diluted earnings per share calculation excludes the effects of the following, since the associated impacts would have been anti-dilutive for all relevant periods presented:
•
an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock; and
•
outstanding warrants of the Company to purchase an aggregate 947,082 shares of Class A Common Stock.
Further discussion of the Preferred Units and associated embedded features can be found in Note 10—Series A Cumulative Redeemable Preferred Units and Note 13—Fair Value Measurements, respectively. Earn-out consideration granting Apache the right to receive additional shares of Class A Common Stock is not included in the earnings per share calculation above, as the conditions for issuance were not satisfied as of June 30, 2020.