Coherus Oncology, Inc. Earnings Per Share Disclosure
14.Net Income (Loss) Per Share
The following table sets forth the computation of the basic and diluted net income (loss) per share:
| Year Ended December 31, | ||||||||
(in thousands, except share and per share data) |
| 2024 |
| 2023 |
| 2022 | |||
Basic net income (loss) per share |
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|
|
|
| ||||
Numerator: |
|
|
|
|
| ||||
Net income (loss) | $ | 28,507 | $ | (237,892) | $ | (291,754) | |||
Denominator: |
|
|
|
|
|
| |||
Weighted-average common shares outstanding |
| 114,553,537 |
| 94,162,637 |
| 77,630,020 | |||
Basic net income (loss) per share | $ | 0.25 | $ | (2.53) | $ | (3.76) | |||
Diluted net income (loss) per share |
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|
|
| |||
Numerator: |
|
|
|
|
|
| |||
Net income (loss) | $ | 28,507 | $ | (237,892) | $ | (291,754) | |||
Denominator: |
|
|
|
|
|
| |||
Denominator for basic net income (loss) per share |
| 114,553,537 |
| 94,162,637 |
| 77,630,020 | |||
Add effect of potential dilutive securities: |
|
|
| ||||||
Stock options, including shares subject to ESPP |
| 168,392 |
| — |
| — | |||
Restricted stock units |
| 108,533 |
| — |
| — | |||
Denominator for diluted net income (loss) per share |
| 114,830,462 |
| 94,162,637 |
| 77,630,020 | |||
Diluted net income (loss) per share | $ | 0.25 | $ | (2.53) | $ | (3.76) | |||
The following outstanding dilutive potential shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect:
| Year Ended December 31, | |||||
| 2024 |
| 2023 |
| 2022 | |
Stock options, PSOs, including shares subject to ESPP | 28,535,096 |
| 24,083,222 |
| 22,214,875 | |
Restricted stock units | 895,208 |
| 2,266,387 |
| 2,399,465 | |
Shares issuable upon conversion of 2022 Convertible Notes | — | — | 1,078,632 | |||
Shares issuable upon conversion of 2026 Convertible Notes | 11,942,152 | 11,942,152 | 11,942,152 | |||
Total | 41,372,456 |
| 38,291,761 |
| 37,635,124 | |
The amounts in the table above exclude any shares contingently issuable pursuant to the CVR Agreement because the conditions that could result in a payment becoming due were not met.
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.