Biohaven Ltd. Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||
| Numerator: | ||||||||||||||||||||
Net loss | $ | (846,422) | $ | (408,168) | $ | (570,279) | ||||||||||||||
| Denominator: | ||||||||||||||||||||
Weighted average common shares outstanding—basic and diluted | 91,234,337 | 71,200,527 | 44,741,316 | |||||||||||||||||
Net loss per share—basic and diluted | $ | (9.28) | $ | (5.73) | $ | (12.75) | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||
| Options to purchase common shares | 12,781,084 | 11,379,429 | 8,959,215 | |||||||||||||||||
| Warrants to purchase common shares | 294,195 | — | — | |||||||||||||||||
| Restricted Share Units | 277,221 | — | — | |||||||||||||||||
| 13,352,500 | 11,379,429 | 8,959,215 | ||||||||||||||||||
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.