Emerald Holding, Inc. Earnings Per Share Disclosure
Note 13. Earnings Per Share
Basic earnings per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options, using the treasury stock method and the average market price of the Company’s common stock during the applicable period. Certain shares related to some of the Company’s outstanding employee share awards were excluded from the computation of diluted earnings per share because they were antidilutive in the periods presented but could be dilutive in the future. Performance-based market condition share awards are considered contingently issuable shares, which would be included in the denominator for earnings per share if the applicable market conditions have been achieved, and the inclusion of any performance-based market condition share awards is dilutive for the respective reporting periods.
Diluted earnings per share is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options, using the treasury stock method and the average market price of the Company’s common stock during the applicable period. Certain shares related to some of the Company’s outstanding employee share awards were excluded from the computation of diluted earnings per share because they were antidilutive in the periods presented but could be dilutive in the future. Performance-based market condition share awards are considered contingently issuable shares, which would be included in the denominator for earnings per share if the applicable market conditions have been achieved, and the inclusion of any performance based market condition share awards is dilutive for the respective reporting periods. For the years ended December 31, 2025, 2024 and 2023, unvested performance-based market condition share awards were excluded from the calculation of diluted earnings per share because the market conditions had not been met. There were no 7% Series A Redeemable Convertible Participating Preferred Stock shares outstanding at December 31, 2025. These preferred stock shares were anti-dilutive for the years ended December 31, 2025, 2024 and 2023 and are therefore excluded from the diluted loss per common share calculation.
The details of the computation of basic and diluted loss per common share are as follows:
|
|
Year Ended December 31, |
|
|||||||||
(dollars in millions, share data in thousands except earnings per share) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net (loss) income attributable to Emerald Holding, Inc. |
|
$ |
(30.7 |
) |
|
$ |
2.2 |
|
|
$ |
(8.2 |
) |
Accretion to redemption value of redeemable |
|
|
— |
|
|
|
(12.7 |
) |
|
|
(42.0 |
) |
Net loss attributable to Emerald Holding, Inc. |
|
$ |
(30.7 |
) |
|
$ |
(10.5 |
) |
|
$ |
(50.2 |
) |
Weighted average common shares outstanding |
|
|
198,729 |
|
|
|
156,592 |
|
|
|
63,959 |
|
Basic loss per share |
|
$ |
(0.15 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.78 |
) |
Net loss attributable to Emerald Holding, Inc. |
|
$ |
(30.7 |
) |
|
$ |
(10.5 |
) |
|
$ |
(50.2 |
) |
Diluted weighted average common shares |
|
|
198,729 |
|
|
|
156,592 |
|
|
|
63,959 |
|
Diluted loss per share |
|
$ |
(0.15 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.78 |
) |
Anti-dilutive employee share awards excluded |
|
|
9,754 |
|
|
|
10,082 |
|
|
|
19,704 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 22, 2018 | |
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.