ADTRAN Holdings, Inc. Earnings Per Share Disclosure
Note 18 – Loss per Share
The calculations of basic and diluted loss per share for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In thousands, except for per share amounts) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator |
|
|
|
|
|
|
|
|
|
|||
Net loss attributable to ADTRAN Holdings, Inc. |
|
$ |
(45,656 |
) |
|
$ |
(459,891 |
) |
|
$ |
(268,852 |
) |
Effect of redemption of RNCI |
|
|
4,085 |
|
|
|
2,981 |
|
|
|
— |
|
Net loss attributable to ADTRAN Holdings, Inc. common stockholders |
|
$ |
(41,571 |
) |
|
$ |
(456,910 |
) |
|
$ |
(268,852 |
) |
Denominator |
|
|
|
|
|
|
|
|
|
|||
Weighted average number of shares – basic |
|
|
79,742 |
|
|
|
78,928 |
|
|
|
78,416 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|||
Stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
PSUs, RSUs and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted average number of shares – diluted |
|
|
79,742 |
|
|
|
78,928 |
|
|
|
78,416 |
|
Loss per share attributable to ADTRAN Holdings, Inc. – basic |
|
$ |
(0.52 |
) |
|
$ |
(5.79 |
) |
|
$ |
(3.43 |
) |
Loss per share attributable to ADTRAN Holdings, Inc. – diluted |
|
$ |
(0.52 |
) |
|
$ |
(5.79 |
) |
|
$ |
(3.43 |
) |
The following potentially dilutive shares were excluded from the calculation of the diluted weighted average number of shares outstanding as the effect would have been anti-dilutive:
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Convertible senior notes |
|
|
4,931 |
|
|
|
— |
|
|
|
— |
|
Stock options |
|
|
882 |
|
|
|
3,410 |
|
|
|
1,761 |
|
PSUs, RSUs and restricted stock |
|
|
911 |
|
|
|
834 |
|
|
|
514 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 24, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.