American Well Corp Earnings Per Share Disclosure
19. Net Loss per Share
Basic and diluted net loss per share attributable to common stockholders was calculated as follows:
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(94,967 |
) |
|
$ |
(212,638 |
) |
|
$ |
(679,171 |
) |
Net income (loss) attributable to non-controlling interest |
|
|
733 |
|
|
|
(4,495 |
) |
|
|
(4,007 |
) |
Net loss attributable to American Well Corporation |
|
$ |
(95,700 |
) |
|
$ |
(208,143 |
) |
|
$ |
(675,164 |
) |
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Weighted-average common shares outstanding, basic and diluted |
|
|
16,047,452 |
|
|
|
14,999,590 |
|
|
|
14,212,505 |
|
Net loss per share attributable to common stockholders, |
|
$ |
(5.96 |
) |
|
$ |
(13.88 |
) |
|
$ |
(47.50 |
) |
The Company’s potential dilutive securities, which include stock options, convertible preferred stock and unvested restricted stock units, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares equivalents presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Unvested restricted stock units |
|
|
1,194,219 |
|
|
|
1,354,040 |
|
|
|
1,119,107 |
|
Unvested performance or market-based stock units |
|
|
229,579 |
|
|
|
775,880 |
|
|
|
1,335,803 |
|
Options to purchase shares of common stock |
|
|
340,426 |
|
|
|
427,710 |
|
|
|
499,442 |
|
|
|
|
1,764,224 |
|
|
|
2,557,630 |
|
|
|
2,954,352 |
|
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.