Earnings Per Share
Basic net income per share of common stock is computed by dividing net income attributable to common stockholders
by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share of
common stock is computed by including the basic weighted-average shares of common stock outstanding adjusted for the
effects of all dilutive potential shares of common stock, which include, if dilutive, outstanding stock awards. The
computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards, including
Stock Options, when the effect of the potential exercise would be anti-dilutive. The dilutive impact of the stock options is
determined by applying the treasury stock method.
The Company issued penny warrants, exercisable after the original issuance date, granting the holders the right to
purchase common shares of the Company with par value of $0.01 per share at an issuance price of $0.01 per share. On June
30, 2025, all 45,315,182 warrants were exercised and therefore no warrants remained outstanding as of December 31,
2025. The Company had 45,315,182 outstanding warrants as of December 31, 2024, and 2023, with an exercise price of
$0.01. Given the nominal exercise price, the warrants were considered to be outstanding in the context of basic net income
per share of common stock, and thus are included in the computation of basic and diluted net income per share of common
stock for the years ended December 31, 2025, 2024, and 2023. The holder of a warrant was entitled to receive all dividends
or other distributions payable on the common shares unless a corresponding adjustment was made to the number of
common shares issuable upon exercise of the warrant and the exercise price of the warrants.
Basic and diluted net income per share of common stock were calculated as follows:
(in thousands, except per share amounts)
For the Year Ended December 31,
2025
2024
2023
Numerator
Income available to common stockholders (basic and diluted)
$101,755
$98,319
$88,229
Denominator
Weighted-average number of common shares outstanding
154,654,938
125,276,092
125,771,530
Weighted-average number of warrants outstanding
22,347,235
45,315,182
45,315,182
Basic — weighted average number of shares outstanding
177,002,173
170,591,274
171,086,712
Effect of dilutive securities - time-vested options
3,685,947
3,740,138
2,555,148
Effect of dilutive securities - performance-based options
753,454
Effect of dilutive securities - restricted stock units
984
Diluted — weighted average number of shares outstanding
181,442,558
174,331,412
173,641,860
Earnings per share
Basic
$0.57
$0.58
$0.52
Diluted
$0.56
$0.56
$0.51
The following potential ordinary shares, presented based on amounts outstanding at the end of the period, were
excluded from the calculation of diluted net income per share of common stock because including them would have had an
anti-dilutive effect:
For the Year Ended December 31,
2025
2024
2023
Time vesting options
142,284
Performance vesting options
4,727,748
3,753,060
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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.