HELIX ENERGY SOLUTIONS GROUP INC Earnings Per Share Disclosure
Note 12 — Earnings Per Share
The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying consolidated statements of operations are as follows (in thousands, except per share amounts):
Year Ended December 31, | |||||||||||||||
2025 | 2024 |
| 2023 | ||||||||||||
| Income | | Shares | | Income | | Shares | | Income | | Shares | ||||
Basic: |
| |
| |
| |
| | |
| | ||||
Net income (loss) | $ | 30,827 |
| $ | 55,637 |
| | $ | (10,838) |
| | ||||
Less: Undistributed earnings allocated to participating securities |
| (22) |
| (53) |
| | — |
| | ||||||
Net income (loss) available to common shareholders, basic | $ | 30,805 | 148,349 | $ | 55,584 |
| 151,989 | $ | (10,838) |
| 150,917 | ||||
Earnings (loss) per share, basic | $ | 0.21 | $ | 0.37 | $ | (0.07) | |||||||||
Year Ended December 31, | |||||||||||||||
2025 | 2024 |
| 2023 | ||||||||||||
| Income | | Shares | | Income | | Shares | | Income | | Shares | ||||
Diluted: |
| | |
| |
| |
| |
| | ||||
Net income (loss) available to common shareholders, basic | $ | 30,805 | 148,349 | $ | 55,584 |
| 151,989 | $ | (10,838) |
| 150,917 | ||||
Effect of dilutive securities: |
| | |
| |
| |
| |
| | ||||
Share-based awards other than participating securities |
| — | 105 |
| — |
| 2,710 |
| — |
| — | ||||
Undistributed earnings reallocated to participating securities |
| — | — |
| 1 |
| — |
| — |
| — | ||||
Net income (loss) available to common shareholders, diluted | $ | 30,805 | 148,454 | $ | 55,585 |
| 154,699 | $ | (10,838) |
| 150,917 | ||||
Earnings (loss) per share, diluted | $ | 0.21 | $ | 0.36 | $ | (0.07) | |||||||||
We had a net loss for the year ended December 31, 2023. Accordingly, our diluted EPS calculation for this period excluded the dilutive effect of share-based awards because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable period. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):
Year Ended | ||
| December 31, 2023 | |
Diluted shares (as reported) |
| 150,917 |
Share-based awards |
| 3,154 |
Total |
| 154,071 |
The following potentially dilutive shares related to the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):
Year Ended December 31, | ||||||
2025 | | 2024 | | 2023 | ||
2023 Notes | — | — | 2,247 | |||
2026 Notes | — | 1,297 | 28,139 | |||
We have outstanding RSUs (Note 13) that can be settled in either cash or shares of our common stock, or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 29, 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.