Excelerate Energy, Inc. Earnings Per Share Disclosure
The following table presents the computation of earnings per share for the periods shown below (in thousands, except share and per share amounts):
|
For the years ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net income |
$ |
167,018 |
|
|
$ |
153,034 |
|
|
$ |
126,844 |
|
Less net income attributable to non-controlling interest |
|
127,819 |
|
|
|
120,156 |
|
|
|
96,432 |
|
Net income attributable to shareholders – basic |
$ |
39,199 |
|
|
$ |
32,878 |
|
|
$ |
30,412 |
|
Add: Reallocation of net income attributable to non-controlling interest |
|
— |
|
|
|
— |
|
|
|
90,327 |
|
Net income attributable to shareholders – diluted |
$ |
39,199 |
|
|
$ |
32,878 |
|
|
$ |
120,739 |
|
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding – basic |
|
29,879,889 |
|
|
|
25,400,181 |
|
|
|
26,256,104 |
|
Dilutive effect of unvested restricted common stock |
|
272,069 |
|
|
|
191,062 |
|
|
|
19,788 |
|
Dilutive effect of unvested performance units |
|
471,339 |
|
|
|
253,492 |
|
|
|
2,306 |
|
Class B Common Stock converted to Class A Common Stock |
|
— |
|
|
|
— |
|
|
|
82,021,389 |
|
Weighted average shares outstanding – diluted |
$ |
30,623,297 |
|
|
$ |
25,844,735 |
|
|
|
108,299,587 |
|
|
|
|
|
|
|
|
|
|
|||
Earnings per share |
|
|
|
|
|
|
|
|
|||
Basic |
$ |
1.31 |
|
|
$ |
1.29 |
|
|
$ |
1.16 |
|
Diluted |
$ |
1.28 |
|
|
$ |
1.27 |
|
|
$ |
1.11 |
|
The following table presents the common stock share equivalents excluded from the calculation of diluted earnings per share for the periods shown below, as they would have had an antidilutive effect:
|
For the years ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Stock options |
|
12,923 |
|
|
|
— |
|
|
|
— |
|
Restricted common stock |
|
— |
|
|
|
282 |
|
|
|
269 |
|
Performance stock units |
|
33,599 |
|
|
|
9,579 |
|
|
|
— |
|
Class B Common Stock |
|
82,021,389 |
|
|
|
82,021,389 |
|
|
|
— |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 29, 2023 | |
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.