COLLEGIUM PHARMACEUTICAL, INCCOLL

COLLEGIUM PHARMACEUTICAL, INC Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
Earnings Per Share
Basic earnings per share is calculated by dividing the net income or loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted earnings per share is computed by dividing the net income or loss by the weighted-average number of shares of common stock, plus potentially dilutive securities outstanding for the period, as determined in accordance with the treasury stock, if-converted, or contingently issuable accounting methods, depending on the nature of the security. For purposes of the diluted earnings per share calculation, stock options, restricted stock units (“RSUs”), performance share units (“PSUs”), and shares potentially issuable in connection with the employee stock purchase plan and convertible senior notes are considered potentially dilutive securities and included to the extent that their addition is not antidilutive.
The following table presents the computations of basic and dilutive earnings per common share:
Years Ended December 31,
202520242023
Numerator:
Net income$62,870 $69,190 $48,155 
Adjustment for interest expense recognized on convertible senior notes, net of tax6,007 5,863 5,889 
Net income — diluted$68,877 $75,053 $54,044 
Denominator:
Weighted-average shares outstanding — basic31,706,42932,273,85033,741,213
Effect of dilutive securities:
Stock options243,041369,662271,540
Restricted stock units1,017,5681,064,851714,190
Performance share units128,350109,512267,761
Convertible senior notes6,606,3056,606,3056,793,421
Weighted average shares outstanding — diluted39,701,69340,424,18041,788,125
Earnings per share — basic$1.98 $2.14 $1.43 
Earnings per share — diluted$1.73 $1.86 $1.29 
The Company has the option to settle the conversion obligation for its convertible senior notes in cash, shares or a combination of the two. The Company uses the if-converted method for the convertible senior notes.
The following table presents dilutive securities excluded from the calculation of diluted earnings per share:
Years Ended December 31,
202520242023
Stock options130,344130,344259,405
Restricted stock units26,765232,26931,050
Performance share units217,490232,572308,680
Employee stock purchase plan37,59317,94618,591
For performance share units, these securities were excluded from the calculation of diluted earnings per share as the performance-based or market-based vesting conditions were not met as of the end of the reporting period. All other securities presented in the table above were excluded from the calculation of diluted earnings per share as their inclusion would have had an antidilutive effect.
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 22, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 25, 2021

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

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