Coinbase Global, Inc.COIN

Coinbase Global, Inc. Earnings Per Share Disclosure

10-KFiled Feb 12, 20262 min read
19. NET INCOME PER SHARE
The computation of Net income per share, including the weighted-average shares outstanding (“WASO”) used in the computation, is as follows (in thousands, except per share amounts):
Year Ended December 31,
202520242023
Numerators
Net income$1,260,327 $2,579,066 $94,871 
Less: net income allocated to participating shares— (1,311)(119)
Net income attributable to common shareholders, basic$1,260,327 $2,577,755 $94,752 
Net income$1,260,327 $2,579,066 $94,871 
Add: interest on convertible notes, net of tax16,987 13,375 — 
Less: net income allocated to participating shares— (1,193)(120)
Net income attributable to common shareholders, diluted$1,277,314 $2,591,248 $94,751 
Denominators
WASO - basic260,088 247,374 235,796 
Weighted-average effect of potentially dilutive shares:
Stock options15,494 16,958 16,845 
Convertible notes10,049 6,462 — 
Restricted stock units962 1,933 1,447 
Performance restricted stock units497 369 158 
Restricted stock119 281 145 
WASO - diluted287,209 273,377 254,391 
Net income per share attributable to common shareholders:
Basic$4.85 $10.42 $0.40 
Diluted$4.45 $9.48 $0.37 
The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings are allocated on a proportionate basis and the resulting income or loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive, or in the case of performance awards, as the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the reporting period (in thousands):
Year Ended December 31,
202520242023
Equity awards(1)
4,276 6,582 9,175 
Convertible notes— — 3,437 
Total4,276 6,582 12,612 
__________________
(1)Includes shares under the ESPP.
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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.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance