Covista Inc. Earnings Per Share Disclosure
8. Earnings per Share
The following table sets forth the computations of basic and diluted earnings per share and antidilutive shares (in thousands, except per share data):
Year Ended June 30, | |||||||||
2025 | 2024 | 2023 | |||||||
Numerator: | |||||||||
Net income (loss): |
|
|
| ||||||
Continuing operations | $ | 232,677 | $ | 137,713 | $ | 101,752 | |||
Discontinued operations | 4,388 | (936) | (8,394) | ||||||
Net income | $ | 237,065 | $ | 136,777 | $ | 93,358 | |||
Denominator: | |||||||||
Weighted-average basic shares outstanding | 37,085 |
| 39,413 |
| 44,781 | ||||
Effect of dilutive stock awards | 1,249 |
| 894 |
| 743 | ||||
Effect of ASR | — |
| — |
| 76 | ||||
Weighted-average diluted shares outstanding | 38,334 |
| 40,307 |
| 45,600 | ||||
Earnings (loss) per share: | |||||||||
Basic: | |||||||||
Continuing operations | $ | 6.27 | $ | 3.49 | $ | 2.27 | |||
Discontinued operations | $ | 0.12 | $ | (0.02) | $ | (0.19) | |||
Total basic earnings per share | $ | 6.39 | $ | 3.47 | $ | 2.08 | |||
Diluted: | |||||||||
Continuing operations | $ | 6.07 | $ | 3.42 | $ | 2.23 | |||
Discontinued operations | $ | 0.11 | $ | (0.02) | $ | (0.18) | |||
Total diluted earnings per share | $ | 6.18 | $ | 3.39 | $ | 2.05 | |||
Weighted-average antidilutive shares | 23 | 115 | 403 | ||||||
As further described in Note 14 “Share Repurchases,” on March 14, 2022, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $150.0 million of common stock. For purposes of calculating earnings per share, Adtalem reflected the ASR agreement as a repurchase of Adtalem common stock and as a forward contract indexed to its own common stock. Based on the volume-weighted average price of Adtalem’s common stock per the terms of the ASR agreement, common stock of 76 thousand shares were contingently issuable by Adtalem under the ASR agreement and were included in the diluted earnings per share calculation for fiscal year 2023 because the effect would have been dilutive. As of October 14, 2022, the ASR agreement is no longer outstanding. Diluted earnings per share was computed using the treasury stock method for stock awards.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 7, 2025 | Showing above |
| 2024 | Aug 6, 2024 | |
| 2023 | Aug 10, 2023 | |
| 2022 | Aug 11, 2022 | |
| 2021 | Aug 19, 2021 | |
| 2020 | Aug 18, 2020 | |
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.