Astrana Health, Inc. Earnings Per Share Disclosure
Basic earnings per share is calculated using the weighted average number of shares of the Company’s common stock issued and outstanding during a certain period, and is calculated by dividing net income attributable to Astrana by the weighted average number of shares of the Company’s common stock issued and outstanding during such period. Diluted earnings per share is calculated using the weighted average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period, using the as-if converted method for secured convertible notes, preferred stock, and the treasury stock method for options and common stock warrants. The non-controlling interests in APC are allocated their share of Astrana’s income from APC’s ownership of Astrana common stock, and this is included in the net income (loss) attributable to non-controlling interests on the consolidated statements of income. Therefore, none of the shares of Astrana held by APC are considered outstanding for the purposes of basic or diluted earnings per share computation.
As of December 31, 2025, 2024, and 2023, APC held 6,132,802, 7,132,698, and 7,132,698 shares of Astrana’s common stock, respectively, which are treated as treasury shares for accounting purposes and not included in the number of shares of common stock outstanding used to calculate earnings per share.
The following potentially dilutive outstanding securities were excluded from the computation of diluted weighted average common shares outstanding because the assumed proceeds, as calculated under the treasury stock method, resulted in these awards and units being antidilutive or the conditions to issue such shares were not achieved as of December 31, 2025, 2024, and 2023, respectively:
|
|
Years ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Stock options |
|
|
116,544 |
|
|
|
155,990 |
|
|
|
175,478 |
|
Restricted stock awards and units |
|
|
577,193 |
|
|
|
29,753 |
|
|
|
186,290 |
|
Contingently issuable shares |
|
|
1,097,396 |
|
|
|
1,250,413 |
|
|
|
782,484 |
|
Total potentially dilutive securities |
|
|
1,791,133 |
|
|
|
1,436,156 |
|
|
|
1,144,252 |
|
Below is a summary of the earnings per share computations:
|
|
Years ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Earnings per share – basic |
|
$ |
0.46 |
|
|
$ |
0.91 |
|
|
$ |
1.30 |
|
Earnings per share – diluted |
|
$ |
0.46 |
|
|
$ |
0.90 |
|
|
$ |
1.29 |
|
Weighted-average shares of common stock outstanding – basic |
|
|
49,075,727 |
|
|
|
47,597,295 |
|
|
|
46,553,256 |
|
Weighted-average shares of common stock outstanding – diluted |
|
|
49,369,685 |
|
|
|
47,974,334 |
|
|
|
46,943,140 |
|
Below is a summary of the shares included in the diluted earnings per share computations:
|
|
Years ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Weighted-average shares of common stock outstanding – basic |
|
|
49,075,727 |
|
|
|
47,597,295 |
|
|
|
46,553,256 |
|
Stock options and ESPP shares |
|
|
78,766 |
|
|
|
139,401 |
|
|
|
169,577 |
|
Restricted stock awards and units |
|
|
77,092 |
|
|
|
205,433 |
|
|
|
51,182 |
|
Contingently issuable shares |
|
|
138,100 |
|
|
|
32,205 |
|
|
|
169,125 |
|
Weighted-average shares of common stock outstanding – diluted |
|
|
49,369,685 |
|
|
|
47,974,334 |
|
|
|
46,943,140 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Apr 2, 2018 | |
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.