Atlas Energy Solutions Inc. Earnings Per Share Disclosure
Note 13 – Earnings per Share
Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted earnings per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive shares of Common Stock that were outstanding during the period. The Company uses the treasury stock method to determine the potential dilutive effect of vesting of its outstanding RSUs and PSUs. The Company does not use the two-class method as the Old Atlas Class B Common Stock, was, and the unvested RSUs, and PSU awards are nonparticipating securities. During 2023, the issuance of Old Atlas Class A Common Stock in exchange for Operating Units held by the Legacy Owners (and their corresponding shares of Old Atlas Class B Common Stock) did not have a dilutive effect on EPS and was not recognized in dilutive earnings per share calculations.
As a result of the Up-C Simplification, the Company’s previous dual class structure was eliminated and the Company now trades under a single class of Common Stock. Please see Note 2 - Summary of Significant Accounting Policies - Earnings Per Share for more information.
For the year ended December 31, 2023, the Company’s EPS calculation includes only its share of net income for the period subsequent to the IPO, and omits income prior to the IPO. In addition, the basic weighted average shares outstanding calculation is based on the actual days during which the shares were outstanding from the closing date of our IPO through December 31, 2023.
The following table reflects the allocation of net income (loss) to common stockholders and EPS computations for the period indicated based on a weighted average number of shares of Common Stock outstanding for the period (in thousands, except per share data):
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|
For the Year Ended |
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|
|
December 31, |
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Net income (loss) |
|
$ |
(50,304 |
) |
|
$ |
59,944 |
|
|
$ |
226,493 |
|
Less: Pre-IPO net income attributable to Atlas Sand Company, LLC |
|
|
|
|
|
|
|
|
54,561 |
|
||
Less: Net income attributable to redeemable noncontrolling interest |
|
|
|
|
|
|
|
|
66,503 |
|
||
Net income (loss) attributable to Atlas Energy Solutions Inc. |
|
$ |
(50,304 |
) |
|
$ |
59,944 |
|
|
$ |
105,429 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Basic weighted average shares outstanding |
|
|
122,435 |
|
|
|
108,235 |
|
|
|
70,450 |
|
Dilutive potential of restricted stock units |
|
|
— |
|
|
|
299 |
|
|
|
85 |
|
Dilutive potential of performance share units |
|
|
— |
|
|
|
642 |
|
|
|
500 |
|
Diluted weighted average shares outstanding (1) |
|
$ |
122,435 |
|
|
$ |
109,176 |
|
|
$ |
71,035 |
|
|
|
|
|
|
|
|
|
|
|
|||
Basic EPS attributable to holders of New Atlas Common Stock |
|
$ |
(0.41 |
) |
|
$ |
0.55 |
|
|
$ |
1.50 |
|
Diluted EPS attributable to holders of New Atlas Common Stock (1) |
|
$ |
(0.41 |
) |
|
$ |
0.55 |
|
|
$ |
1.48 |
|
(1) Shares of Old Atlas Class A Common Stock issued in exchange for Operating Units did not have a dilutive effect on EPS and were not included in the EPS calculation. |
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The basic and diluted EPS for the year ended December 31, 2023, represents only the period from the IPO date to December 31, 2023, which represents the period wherein the Company had outstanding common stock.
We had a net loss for the year ended December 31, 2025. Accordingly, our diluted loss per share calculation was equivalent to our basic loss per share calculation since diluted loss per share excluded any assumed exercise of equity awards. These were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable period.
The following potentially dilutive average shares attributable to outstanding equity awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:
|
|
For the Year Ended |
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|
|
December 31, |
|
|||||||||
(in thousands, except per share amounts) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
RSUs excluded |
|
|
1,238 |
|
|
|
1,276 |
|
|
|
435 |
|
PSUs excluded |
|
|
179 |
|
|
|
101 |
|
|
|
— |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
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.