RECONCILIATION OF EARNINGS PER SHARE (EPS)



	Three months ended							Three months ended
(in thousands, except per share amounts)	September 30, 2018							September 30, 2017
	Net				Per Share			Net				Per Share
	Loss			Shares	Amount			Loss			Shares	Amount
Basic EPS	$	(26,572	)	97,485	$	(0.27	)	$	(18,486	)	97,198	$	(0.19	)
Effect of dilutive securities
Stock options				—							—
Non-vested restricted stock				—							—
Performance share awards				—							—
Diluted EPS	$	(26,572	)	97,485	$	(0.27	)	$	(18,486	)	97,198	$	(0.19	)



	Nine months ended					Nine months ended
(in thousands, except per share amounts)	September 30, 2018					September 30, 2017
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
Basic EPS	$	160,617	97,413	$	1.65	$	44,398	97,176	$	0.46
Effect of dilutive securities
Stock options			92					25
Non-vested restricted stock			293					284
Performance share awards			215					193
Diluted EPS	$	160,617	98,013	$	1.64	$	44,398	97,678	$	0.45

In periods of loss, shares that otherwise would have been included in diluted average common shares outstanding are excluded. The Company had 742,290 and 547,793 of excluded shares for the three months ended September 30, 2018 and 2017, respectively.

Energen had the following shares that were excluded from the computation of diluted EPS, as inclusion would be anti-dilutive:



	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Stock options	6	512	94	512
Non-vested restricted stock	—	—	3	—
Performance share awards	—	139	—	139