EARTHSTONE ENERGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Net (loss) income per common share—basic is calculated by dividing Net (loss) income by the weighted average number of shares of common stock outstanding during the period. Net (loss) income per common share—diluted assumes the conversion of all potentially dilutive securities and is calculated by dividing Net (loss) income by the sum of the weighted average number of shares of common stock, as defined above, outstanding plus potentially dilutive securities. Net (loss) income per common share—diluted considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares, as defined above, would have an anti-dilutive effect.  A reconciliation of Net (loss) income per common share is as follows: The Class B common stock, $0.001 par value per share of Earthstone (the “Class B Common Stock”), has been excluded, as its conversion would eliminate noncontrolling interest and Net loss attributable to noncontrolling interest of $15.9 million for the year ended December 31, 2020 and Net income attributable to noncontrolling interest of $0.9 million for the year ended December 31, 2019 would be added back to Net (loss) income attributable to Earthstone Energy, Inc. for the years then ended, having no dilutive effect on Net (loss) income per common share attributable to Earthstone Energy, Inc. At December 31, 2020 and 2019, there were 30,343,421 and 29,421,131 shares of Class A Common Stock issued and outstanding, respectively. During the years ended December 31, 2020 and 2019, as a result of the vesting and settlement of restricted stock units under the 2014 Plan, Earthstone issued 914,905 and 736,706 shares of Class A Common Stock, respectively, of which 243,924 and 203,394 shares of Class A Common Stock, respectively, were retained as treasury stock and canceled to satisfy the related employee income tax liability. At December 31, 2020 and 2019, there were 35,009,371 and 35,260,680 shares of Class B Common Stock issued and outstanding, respectively. Each share of Class B Common Stock, together with one EEH Unit, is convertible into one share of Class A Common Stock. During the years ended December 31, 2020 and 2019, 251,309 and 191,498 shares, respectively, of Class B Common Stock and EEH Units were exchanged for an equal number of shares of Class A Common Stock. 20 Class A Common Stock Class B Common Stock Note 11. Common Stock Note 10. Net (Loss) Income Per Common Share EEH Units Held By Earthstone and Lynden US % EEH Units Held By Others % Total EEH Units Outstanding As of December 31, 2019 29,421,131  45.5  % 35,260,680  54.5  % 64,681,811  EEH Units issued in connection with the vesting of restricted stock units 670,981  — 670,981  EEH Units and Class B Common Stock converted to Class A Common Stock 251,309  (251,309) —  As of December 31, 2020 30,343,421  46.4  % 35,009,371  53.6  % 65,352,792  Years Ended December 31, (In thousands, except per share amounts) 2020 2019 Net (loss) income attributable to Earthstone Energy, Inc. $ (13,547) $ 719  Net (loss) income per common share attributable to Earthstone Energy, Inc.: Basic $ (0.45) $ 0.02  Diluted $ (0.45) $ 0.02  Weighted average common shares outstanding Basic 29,911,625  28,983,354  Add potentially dilutive securities: Unvested restricted stock units —  —  Unvested performance units —  377,531  Diluted weighted average common shares outstanding 29,911,625  29,360,885 