BKV CorpBKV

BKV Corp Earnings Per Share Disclosure

10-KFiled Mar 6, 20262 min read
Note 18 - Earnings Per Share
Basic net income (loss) per common share attributable to BKV for each period is calculated by dividing net income (loss) attributable to BKV by the basic weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share attributable to BKV is calculated by dividing net income (loss) attributable to BKV by the diluted weighted average number of common shares outstanding for the respective period. Any remeasurement of the accretion to redemption value of the Class B Units subject to possible redemption was considered to be dividends paid to the noncontrolling interest. Diluted weighted average number of common shares outstanding and the dilutive effect of potential common shares is calculated using the treasury method. The Company includes potential shares of common stock for PRSUs and TRSUs in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the reporting period was also the end of the performance period. During periods in which the Company incurred a net loss, diluted weighted average common shares outstanding were equal to basic weighted average of common shares outstanding because the effects of all potential common shares was anti-dilutive.
The following is the calculation of basic and diluted net income (loss) per common share attributable to BKV for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
(in thousands, except per share amounts)202520242023
Net income (loss) attributable to BKV$173,132 $(142,870)$116,918 
Accretion of Class B Units to redemption value(1,422)— — 
Net income (loss) including accretion of Class B Units to redemption value$171,710 $(142,870)$116,918 
Basic weighted average common shares outstanding86,581 71,288 60,730 
Add: dilutive effect of TRSUs173 — 172 
Add: dilutive effect of PRSUs69 — 3,478 
Diluted weighted average of common shares outstanding86,823 71,288 64,380 
Weighted average number of outstanding securities excluded from the calculated of diluted loss per share:
TRSUs— 264 — 
PRSUs— 2,523 — 
Net income (loss) per common share attributable to BKV:
Basic$1.98 $(2.00)$1.93 
Diluted$1.98 $(2.00)$1.82 
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Historical Timeline

Fiscal YearFiled
2025Mar 6, 2026Showing above
2024Mar 31, 2025

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.

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