California Resources Corp Earnings Per Share Disclosure
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
| Numerator for Basic and Diluted EPS | |||||||||||||||||
| Net income | $ | 363 | $ | 376 | $ | 564 | |||||||||||
| Denominator for Basic EPS | |||||||||||||||||
| Weighted-average shares | 87.0 | 79.3 | 69.6 | ||||||||||||||
Potential common shares, if dilutive: | |||||||||||||||||
Warrants | — | 1.0 | 1.0 | ||||||||||||||
Restricted stock units | 0.3 | 0.5 | 1.0 | ||||||||||||||
Performance stock units | 0.1 | 0.5 | 0.9 | ||||||||||||||
Deferred Consideration Obligation (related to the Aera Merger) | — | 0.1 | — | ||||||||||||||
Denominator for Diluted EPS | |||||||||||||||||
Weighted-average shares | 87.4 | 81.4 | 72.5 | ||||||||||||||
| EPS | |||||||||||||||||
| Basic | $ | 4.17 | $ | 4.74 | $ | 8.10 | |||||||||||
| Diluted | $ | 4.15 | $ | 4.62 | $ | 7.78 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 29, 2016 | |
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.