EARNINGS PER SHARE
We calculate our basic earnings per share by dividing net income (loss) attributable to Civeo Corporation by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities.
The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts): 
 202520242023
Numerator:
Basic net income (loss) attributable to Civeo Corporation$(20,071)$(17,067)$30,157 
Diluted net income (loss) attributable to Civeo Corporation$(20,071)$(17,067)$30,157 
Denominator:
Weighted average shares outstanding - basic12,646 14,287 14,906 
Dilutive shares - share-based awards— — 107 
Weighted average shares outstanding - diluted12,646 14,287 15,013 
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)
$(1.59)$(1.19)$2.02 
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)
$(1.59)$(1.19)$2.01 

(1)Computations may reflect rounding adjustments.

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares, 0.1 million shares and fewer than 0.1 million shares, respectively, for the years ended December 31, 2025, 2024 and 2023.
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Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Feb 28, 2022
2020Feb 26, 2021
2019Feb 27, 2020
2018Feb 27, 2019
2017Feb 23, 2018
2016Feb 23, 2017
2015Feb 26, 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.