ASPEN AEROGELS INC Earnings Per Share Disclosure
(16) Net Income (Loss) Per Share
The computation of basic and diluted net income (loss) per share consists of the following:
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Year ended December 31, |
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2024 |
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2023 |
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2022 |
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(In thousands, except share and per share data) |
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Numerator: |
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Net income (loss) |
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$ |
13,375 |
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|
$ |
(45,811 |
) |
|
$ |
(82,738 |
) |
Denominator: |
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Weighted average shares outstanding, basic |
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|
77,535,121 |
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|
69,439,034 |
|
|
|
39,363,114 |
|
Weighted average shares outstanding, diluted |
|
|
80,306,690 |
|
|
|
69,439,034 |
|
|
|
39,363,114 |
|
Net income (loss) per share, basic |
|
$ |
0.17 |
|
|
$ |
(0.66 |
) |
|
$ |
(2.10 |
) |
Net income (loss) per share, diluted |
|
$ |
0.17 |
|
|
$ |
(0.66 |
) |
|
$ |
(2.10 |
) |
Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following:
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Year ended December 31, |
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2024 |
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2023 |
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2022 |
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Common stock options |
|
|
141,134 |
|
|
|
5,234,194 |
|
|
|
3,904,080 |
|
Restricted common stock units |
|
|
2,979 |
|
|
|
574,247 |
|
|
|
257,075 |
|
Restricted common stock awards |
|
|
218 |
|
|
|
881,674 |
|
|
|
23,886 |
|
Convertible note, if converted |
|
|
— |
|
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|
3,951,833 |
|
|
|
3,601,533 |
|
Total |
|
|
144,331 |
|
|
|
10,641,948 |
|
|
|
7,786,574 |
|
The potential dilutive shares from common stock options, restricted common stock units, restricted common stock awards, and the convertible note were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented. The Company excludes the shares issued in connection with restricted stock awards from the calculation of basic weighted average common shares outstanding until the restrictions lapse.
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.