Earnings Per Share
Earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis.
Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the years ended December 31, 2025, 2024 and 2023 there were 3.4 million, 2.1 million and 0.7 million potential common shares excluded from Diluted EPS, respectively.
Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
(in Millions, Except Share and Per Share Data)Year Ended December 31,
202520242023
Earnings (loss) attributable to FMC stockholders:
Continuing operations, net of income taxes$(2,202.3)$402.9 $1,420.0 
Discontinued operations, net of income taxes(36.6)(61.8)(98.5)
Net income (loss) attributable to FMC stockholders$(2,238.9)$341.1 $1,321.5 
Less: Distributed and undistributed earnings allocable to restricted award holders(1.1)(1.2)(2.7)
Net income (loss) allocable to common stockholders$(2,240.0)$339.9 $1,318.8 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$(17.59)$3.22 $11.34 
Discontinued operations(0.29)(0.49)(0.79)
Net income (loss)$(17.88)$2.73 $10.55 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$(17.59)$3.21 $11.31 
Discontinued operations(0.29)(0.49)(0.78)
Net income (loss)$(17.88)$2.72 $10.53 
Shares (in thousands):
Weighted average number of shares of common stock outstanding - Basic125,162 125,004 125,060 
Weighted average additional shares assuming conversion of potential common shares— 354 473 
Shares – diluted basis125,162 125,358 125,533 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2023Feb 27, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Feb 25, 2021
2019Feb 28, 2020
2018Feb 28, 2019
2017Feb 28, 2018
2016Feb 28, 2017
2015Feb 26, 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.