International Seaways, Inc. Earnings Per Share Disclosure
NOTE 3 — EARNINGS PER COMMON SHARE:
Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period.
The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share, as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method.
There were 23,674, 22,134 and 36,078 weighted average shares of unvested restricted common stock shares considered to be participating securities for the years ended December 31, 2025, 2024 and 2023, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of December 31, 2025, there were 337,744 shares of restricted stock units and 127,980 stock options outstanding considered to be potentially dilutive securities.
Reconciliations of the numerator and denominator of the basic and diluted earnings per share computations are as follows:
(Dollars in thousands) | 2025 | 2024 | 2023 | ||||||
Numerator: | |||||||||
Net income allocated to: | |||||||||
Common Stockholders | $ | 309,107 | $ | 416,546 | $ | 556,043 | |||
Participating securities | 154 | 178 | 403 | ||||||
$ | 309,261 | $ | 416,724 | $ | 556,446 | ||||
Denominator: | |||||||||
Weighted-average common shares outstanding, basic | 49,335,230 | 49,270,496 | 48,978,452 | ||||||
Dilutive effect of stock options | 84,257 | 105,835 | 121,545 | ||||||
Dilutive effect of performance-based restricted stock units | 94,599 | 173,858 | 127,623 | ||||||
Dilutive effect of restricted stock units | 81,859 | 129,937 | 201,347 | ||||||
Weighted-average common shares outstanding, diluted | 49,595,945 | 49,680,127 | 49,428,967 |
There were no antidilutive equity awards outstanding for the year ended December 31, 2025. Awards of 33,245 and 40,504 for the years ended December 31, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 2, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 3, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Mar 12, 2018 | |
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.