NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

The computation of basic and diluted net income (loss) per share for the periods presented in the consolidated financial statements is shown in the table below.


	For the Year Ended December 31,
	2020					2019					2018(1)
	Income(2)		Shares	Per Share		Loss		Shares(4)	Per Share(4)		Loss		Shares(4)	Per Share(4)

	(In thousands, except per share data)
Basic:
Net income (loss) attributable to Class A common shareholders	$	1,591	3,746	$	0.42	$	(369,670)	3,746	$	(98.68)	$	(4,388)	8,656	$	(0.51)
Effect of dilutive securities:
Redeemable noncontrolling interest — Apache limited partner	$	2,987	12,500			$	—	—			$	—	—

Diluted(2)(3):
Net income (loss) attributable to Class A common shareholders	$	4,578	16,246	$	0.28	$	(369,670)	3,746	$	(98.68)	$	(4,388)	8,656	$	(0.51)

(1)Shares of Class A Common Stock and Class C Common Stock issued to Apache in exchange for its ownership interests in the Altus Midstream Entities were retroactively restated from May 26, 2016 (inception) to the Closing Date, based on the proportionate value of the capital contributions made by Apache to the Altus Midstream Entities. The calculation of the weighted average shares outstanding from inception up to the Closing Date includes all shares issued to Apache, in order to reflect Apache’s 100 percent economic interest in the Altus Midstream Entities until that time. For further detail of the Business Combination and associated financial statement presentation, see Note 1—Summary of Significant Accounting Policies and Note 2—Recapitalization Transaction.

(2)The effect of 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) would have been anti-dilutive the years ended December 31, 2019 and 2018.

(3)The effect of an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock would have been anti-dilutive for all periods presented in which the Preferred Units were outstanding.

(4)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 11—Equity for further information.