Oncology Institute, Inc. Earnings Per Share Disclosure
| (in thousands, except share data) | Year Ended December 31, | |||||||||||||
| 2024 | 2023 | |||||||||||||
| Net loss attributable to TOI | $ | (64,663) | $ | (83,068) | ||||||||||
| Net loss attributable to TOI available for distribution | (64,663) | (83,068) | ||||||||||||
| Net loss attributable to participating securities, basic and diluted | (11,658) | (15,191) | ||||||||||||
| Net loss attributable to common stockholders, basic and diluted | $ | (53,005) | $ | (67,877) | ||||||||||
| Weighted average common shares outstanding, basic and diluted | 75,043,678 | 73,748,660 | ||||||||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.71) | $ | (0.92) | ||||||||||
| Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Convertible note | 12,839,967 | 12,839,967 | ||||||||||||
| Stock options | 7,488,859 | 8,525,262 | ||||||||||||
| RSUs | 1,509,737 | 2,176,422 | ||||||||||||
| Earnout Shares | — | 1,401,064 | ||||||||||||
| Public Warrants | 5,749,986 | 5,749,986 | ||||||||||||
| Private Warrants | 2,187,283 | 3,177,542 | ||||||||||||
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.