Camping World Holdings, Inc. Earnings Per Share Disclosure
22. (Loss) Earnings Per Share
Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) income available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock:
Year Ended December 31, | ||||||||||
(In thousands except per share amounts) | | 2025 | | 2024 | | 2023 | ||||
Numerator: | ||||||||||
Net (loss) income | $ | (105,638) | $ | (78,880) | $ | 52,929 | ||||
Less: net (loss) income attributable to non-controlling interests | 15,839 | 40,243 | (19,557) | |||||||
Net (loss) income attributable to Camping World Holdings, Inc. — basic | (89,799) | (38,637) | 33,372 | |||||||
Add: reallocation of net (loss) income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock | — | — | 15,392 | |||||||
Net (loss) income attributable to Camping World Holdings, Inc. — diluted | $ | (89,799) | $ | (38,637) | $ | 48,764 | ||||
Denominator: | ||||||||||
Weighted-average shares of Class A common stock outstanding — basic | 62,724 | 48,005 | 44,626 | |||||||
Dilutive options to purchase Class A common stock | — | — | 20 | |||||||
Dilutive restricted stock units | — | — | 281 | |||||||
Dilutive common units of CWGS, LLC that are convertible into Class A common stock | — | — | 40,045 | |||||||
Weighted-average shares of Class A common stock outstanding — diluted | 62,724 | 48,005 | 84,972 | |||||||
(Loss) earnings per share of Class A common stock — basic | $ | (1.43) | $ | (0.80) | $ | 0.75 | ||||
(Loss) earnings per share of Class A common stock — diluted | $ | (1.43) | $ | (0.80) | $ | 0.57 | ||||
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock: | ||||||||||
Stock options to purchase Class A common stock | 147 | 175 | 50 | |||||||
Liability-classified awards | 37 | — | — | |||||||
Restricted stock units | 2,338 | 1,979 | 1,364 | |||||||
Common units of CWGS, LLC that are convertible into Class A common stock | 39,895 | 40,007 | — | |||||||
Weighted-average contingently issuable shares excluded from the computation of diluted (loss) earnings per share of Class A common stock since all necessary conditions had not been satisfied: | ||||||||||
Performance stock units(1) | 750 | — | — | |||||||
| (1) | See Note 21 – Stock-Based Compensation Plans for further details of PSUs. |
The Liability-Classified Awards are considered equity-classified share-based awards under the treasury stock method for purposes of calculating diluted (loss) earnings per share.
Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted (loss) earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 13, 2018 | |
| 2016 | Mar 13, 2017 | |
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.