Delek US Holdings, Inc. Earnings Per Share Disclosure
| (In millions, except share and per share data) | Year Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Numerator for EPS - continuing operations | ||||||||||||||||||||
| Net income (loss) from continuing operations | $ | 45.7 | $ | (598.1) | $ | 19.6 | ||||||||||||||
| Less: Income from continuing operations attributed to non-controlling interests | 66.1 | 39.5 | 26.9 | |||||||||||||||||
| Numerator for basic and diluted EPS from continuing operations attributable to Delek | $ | (20.4) | $ | (637.6) | $ | (7.3) | ||||||||||||||
| Numerator for EPS - discontinued operations | ||||||||||||||||||||
| (Loss) income from discontinued operations, including gain on sale of discontinued operations | $ | (3.0) | $ | 105.9 | $ | 35.2 | ||||||||||||||
| Less: Income tax (benefit) expense | (0.6) | 28.7 | 8.1 | |||||||||||||||||
| (Loss) income from discontinued operations, net of tax | $ | (2.4) | $ | 77.2 | $ | 27.1 | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Weighted average common shares outstanding (denominator for basic EPS) | 60,703,554 | 63,882,219 | 65,406,089 | |||||||||||||||||
| Dilutive effect of stock-based awards | — | — | — | |||||||||||||||||
| Weighted average common shares outstanding, assuming dilution (denominator for diluted EPS) | 60,703,554 | 63,882,219 | 65,406,089 | |||||||||||||||||
| EPS: | ||||||||||||||||||||
| Basic (loss) income per share: | ||||||||||||||||||||
| (Loss) income from continuing operations | $ | (0.34) | $ | (9.98) | $ | (0.11) | ||||||||||||||
| (Loss) income from discontinued operations | (0.04) | 1.21 | 0.41 | |||||||||||||||||
| Total basic (loss) income per share | $ | (0.38) | $ | (8.77) | $ | 0.30 | ||||||||||||||
| Diluted (loss) income per share: | ||||||||||||||||||||
| (Loss) income from continuing operations | $ | (0.34) | $ | (9.98) | $ | (0.11) | ||||||||||||||
| (Loss) income from discontinued operations | (0.04) | 1.21 | 0.41 | |||||||||||||||||
| Total diluted (loss) income per share | $ | (0.38) | $ | (8.77) | $ | 0.30 | ||||||||||||||
| The following equity instruments were excluded from the diluted weighted average common shares outstanding because their effect would be anti-dilutive: | ||||||||||||||||||||
| Antidilutive stock-based compensation (because average share price is less than exercise price) | 1,125,933 | 2,116,047 | 1,718,880 | |||||||||||||||||
| Antidilutive due to loss | 1,339,662 | 467,499 | 569,212 | |||||||||||||||||
| Total antidilutive stock-based compensation | 2,465,595 | 2,583,546 | 2,288,092 | |||||||||||||||||
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.