Calumet, Inc. /DE Earnings Per Share Disclosure
16. Earnings per Share/Unit
The following table sets forth the computation of basic and diluted earnings per share / limited partner unit (in millions, except share/unit and per share/unit data):
| Year Ended December 31, | ||||||||
2025 | 2024 | 2023 | |||||||
Numerator for basic and diluted earnings per share / limited partner unit: | |||||||||
Net income (loss) | $ | (33.8) | $ | (222.0) | $ | 48.1 | |||
Less: | |||||||||
General partner's interest in net income | 1.0 | ||||||||
Net income attributable to limited partners | $ | 47.1 | |||||||
Denominator for earnings per share / limited partner unit: |
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Weighted average number of basic and diluted common shares / limited partner units outstanding (1) | 86,761,139 | 83,146,680 | 80,075,530 | ||||||
Earnings per share / limited partners' interest in net income (loss) per unit: |
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Basic and diluted | $ | (0.39) | $ | (2.67) | $ | 0.59 | |||
| (1) | Total diluted weighted average common shares / limited partner units outstanding excludes a de-minimis amount of potentially dilutive restricted stock units / phantom units which would have been anti-dilutive for the years ended December 31, 2025 and 2024, respectively. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 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.