Fluent, Inc. Earnings Per Share Disclosure
3. Income (loss) per share
For the years ended December 31, 2024 and 2023 basic and diluted income (loss) per share was as follows:
| Year Ended December 31, | ||||||||
| (In thousands, except share data) | 2024 | 2023 | ||||||
| Numerator: | ||||||||
| Net loss | $ | (29,277 | ) | $ | (63,218 | ) | ||
| Denominator: | ||||||||
| Weighted average shares outstanding | 15,972,494 | 13,484,550 | ||||||
| Weighted average restricted shares vested not delivered | 287,449 | 285,806 | ||||||
| Total basic weighted average shares outstanding | 16,259,943 | 13,770,356 | ||||||
| Dilutive effect of assumed conversion of restricted stock units | — | — | ||||||
| Dilutive effect of assumed conversion of stock options | — | — | ||||||
| Total diluted weighted average shares outstanding | 16,259,943 | 13,770,356 | ||||||
| Basic and diluted loss per share: | ||||||||
| Basic | $ | (1.80 | ) | $ | (4.59 | ) | ||
| Diluted | $ | (1.80 | ) | $ | (4.59 | ) | ||
Based on exercise prices compared to the average stock prices for the years ended December 31, 2024 and 2023, certain stock equivalents, including RSUs and stock options, have been excluded from the diluted weighted average share calculations due to their anti-dilutive nature.
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Restricted stock units | 801,525 | 731,538 | ||||||
| Stock options | 397,667 | 302,333 | ||||||
| Warrants | — | — | ||||||
| Total anti-dilutive securities | 1,199,192 | 1,033,871 | ||||||
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.