Coeur Mining, Inc.CDE

Coeur Mining, Inc. Earnings Per Share Disclosure

10-KFiled Feb 18, 20262 min read
NET INCOME (LOSS) PER SHARE
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the years ended December 31, 2025, 2024 and 2023, there were 12,917, 61,467 and 1,777,273 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.
Year Ended December 31,
In thousands except per share amounts202520242023
Net income (loss) available to common stockholders$585,872 $58,900 $(103,612)
Weighted average shares:
Basic607,201 391,709 343,059 
Effect of stock-based compensation plans7,465 5,713 — 
Diluted614,666 397,422 343,059 
Income (loss) per share:
Basic$0.96 $0.15 $(0.30)
Diluted$0.95 $0.15 $(0.30)
On May 27, 2025, the Company announced a $75.0 million share repurchase program (the “Program”), effective through May 31, 2026. Under the Program, repurchases may be carried out from time to time through opportunistic open-market purchases or by other means in amounts and at prices that Coeur deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. On June 11, 2025, the Company entered into a 10b-18 share repurchase agreement (the “10b-18 Agreement”) and an issuer securities repurchase 10b5-1 plan (the “Company 10b5-1 Plan”) with BMO Capital Markets Corp. as the Company’s broker. On August 8, 2025, the Company and BMO Capital Markets Corp. amended the Company 10b5-1 Plan to modify certain terms of the arrangement (the “Modified Company 10b5-1 Plan”).
The following table summarizes repurchases made pursuant to the 10b-18 Agreement in the year ended December 31, 2025:
Year Ended December 31,
2025
Shares repurchased814,129 
Cost of shares (in thousands)$9,625 
Average price paid per share$11.82 
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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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