Cryoport, Inc. Earnings Per Share Disclosure
Note 4. Net Income (Loss) Per Share
We calculate basic and diluted net income (loss) per share using the weighted average number of common shares outstanding during the periods presented. In periods of a net loss position, basic and diluted weighted average common shares are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include dilutive stock options, unvested restricted stock units and shares associated with the conversion of the Convertible Senior Notes and the Company’s 4.0% Series C Convertible Preferred Stock (“Series C Preferred Stock”) outstanding during the periods, using the treasury stock method or the “if converted” method as applicable.
The following shows the amounts used in computing net income (loss) per share (in thousands except per share data):
Years Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Loss from continuing operations | $ | (33,969) | $ | (104,708) | $ | (84,559) | |||
Income (loss) from discontinued operations | $ | 112,270 | $ | (10,048) | $ | (15,028) | |||
Net income (loss) | $ | 78,301 | $ | (114,756) | $ | (99,587) | |||
Paid-in-kind dividend on Series C convertible preferred stock |
| (8,000) |
| (8,000) |
| (8,000) | |||
Net income (loss) attributable to common stockholders | $ | 70,301 | $ | (122,756) | $ | (107,587) | |||
Net loss per share from continuing operations — basic and diluted | $ | (0.84) | $ | (2.29) | $ | (1.90) | |||
Net income (loss) per share from discontinued operations — basic and diluted | $ | 2.24 | $ | (0.20) | $ | (0.31) | |||
Net income (loss) per share — basic and diluted | $ | 1.40 | $ | (2.49) | $ | (2.21) | |||
Weighted average common shares issued and outstanding — basic and diluted | 50,071,665 | 49,349,624 | 48,737,377 | ||||||
The following table sets forth the number of shares excluded from the computation of diluted income (loss) per share, as their inclusion would have been anti-dilutive:
Years Ended December 31, | ||||||
| 2025 | | 2024 | | 2023 | |
Stock options | 693,285 |
| 1,591,819 |
| 2,584,400 | |
Restricted stock units | 144,430 | 17,771 | 19,419 | |||
Series C convertible preferred stock | 6,382,937 | 6,133,876 | 5,894,535 | |||
Conversion of 2026 Convertible Senior Notes | 1,583,280 | 1,583,280 | 3,156,483 | |||
Conversion of 2025 Convertible Senior Notes | — |
| 599,954 |
| 599,954 | |
8,803,932 |
| 9,926,700 |
| 12,254,791 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
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.