EXPAND ENERGY CorpEXE

EXPAND ENERGY Corp Earnings Per Share Disclosure

10-KFiled Feb 18, 20262 min read
3.Earnings Per Share
Basic earnings (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is calculated in the same manner but includes the impact of potentially dilutive securities utilizing the treasury stock method. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”).
The reconciliations between basic and diluted earnings (loss) per share are as follows:
Years Ended December 31,
202520242023
Numerator
Net income (loss) available to common stockholders, basic and diluted$1,819 $(714)$2,419 
Denominator (in thousands)
Weighted average common shares outstanding, basic237,290 156,989 132,840 
Effect of potentially dilutive securities
Warrants2,670 — 9,750 
Restricted stock units372 — 338 
Performance share units38 — 48 
Weighted average common shares outstanding, diluted240,370 156,989 142,976 
Earnings per common share:
Basic$7.67 $(4.55)$18.21 
Diluted$7.57 $(4.55)$16.92 

During the years ended December 31, 2025, 2024 and 2023, the diluted earnings (loss) per share calculation excludes the effect of 13,391, 308,646 and 777,369 reserved shares of common stock and 25,015, 582,109 and 1,466,502 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares during the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, the diluted loss per share calculation during the year ended December 31, 2024 excludes the antidilutive effect of 9,058,361 Warrants, 315,318 RSUs and 86,421 PSUs.
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Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 26, 2025
2023Feb 21, 2024
2022Feb 22, 2023
2021Feb 24, 2022
2020Mar 1, 2021
2019Feb 27, 2020
2018Feb 27, 2019
2017Feb 22, 2018
2016Mar 3, 2017
2015Feb 25, 2016

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.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&ELeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance