GENESIS ENERGY LPGEL

GENESIS ENERGY LP Earnings Per Share Disclosure

10-KFiled Feb 18, 20262 min read
Net Income (Loss) Per Common Unit
Basic net income (loss) per common unit is computed by dividing Net Income (Loss) Attributable to Genesis Energy, L.P., after considering income attributable to our Class A Convertible Preferred unitholders, by the weighted average number of common units outstanding.
The dilutive effect of the Class A Convertible Preferred Units is calculated using the if-converted method. Under the if-converted method, the Class A Convertible Preferred Units are assumed to be converted at the beginning of the period (beginning with their respective issuance date), and the resulting common units are included in the denominator of the diluted net income (loss) per common unit calculation for the period being presented. The numerator is adjusted for distributions declared in the period, undeclared distributions that accumulated during the period, and any returns that accumulated in the period. For the years ended December 31, 2025, 2024, and 2023, the effect of the assumed conversion of our Class A Convertible Preferred Units was anti-dilutive and was not included in the computation of diluted earnings per unit.
The following table illustrates the computation of basic and diluted net income (loss) per common unit:
Year Ended
December 31,
202520242023
Net income (loss) from continuing operations$30,505 $(50,765)$47,177 
Less: Net income attributable to noncontrolling interests(47,163)(30,940)(28,627)
Less: Accumulated distributions and returns attributable to Class A Convertible Preferred Units(73,006)(87,576)(90,725)
Net loss attributable to common unitholders from continuing operations$(89,664)$(169,281)$(72,175)
Net income (loss) from discontinued operations(423,745)17,758 99,170 
Net income (loss) attributable to common unitholders$(513,409)$(151,523)$26,995 
Weighted average outstanding units122,464 122,464 122,535 
Net loss attributable to common unitholders per common unit from continuing operations - Basic and Diluted$(0.73)$(1.38)$(0.59)
Net income (loss) per common unit from discontinued operations - Basic and Diluted(3.46)0.14 0.81 
Net income (loss) per common unit - Basic and Diluted$(4.19)$(1.24)$0.22 

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Mar 3, 2025
2023Feb 23, 2024
2022Feb 24, 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.

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