NET INCOME (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

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.


	Three Months Ended March 31,
	2021					2020(1)
	Income		Shares	Per Share		Loss		Shares(2)	Per Share(2)

	(In thousands, except per share data)
Basic:
Net income (loss) attributable to Class A common shareholders	$	180	3,746	$	0.05	$	(8,081)	3,746	$	(2.16)

Effect of dilutive securities:
Redeemable noncontrolling interest — Apache limited partner	$	—	—			$	(35,552)	12,500

Diluted(3)(4)(5):
Net income (loss) attributable to Class A common shareholders	$	180	3,746	$	0.05	$	(43,633)	16,246	$	(2.69)

(1)This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies, see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

(2)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.

(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 Shares were outstanding.

(4)The effect of an assumed exchange of the outstanding public and private warrants for shares of Class A Common Stock would have been anti-dilutive for all periods presented.

(5)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 period ended March 31, 2021.