Keel Infrastructure Corp. Earnings Per Share Disclosure
NOTE 23: LOSS PER SHARE
The following table presents the computation of basic and diluted loss per share from continuing operations:
| Year ended December 31, | ||||||||||||
| From continuing operations: | 2025 | 2024 | 2023 | |||||||||
| Numerator: | ||||||||||||
| Loss from continuing operations | (208,514 | ) | (7,359 | ) | (39,933 | ) | ||||||
| Effect of Convertible Notes | ||||||||||||
| Numerator for diluted loss per share | (208,514 | ) | (7,359 | ) | (39,933 | ) | ||||||
| Denominator: | ||||||||||||
| Denominator for basic loss per share - weighted average shares outstanding | 551,676,757 | 414,669,947 | 262,237,117 | |||||||||
| Dilutive impact of Convertible Notes | ||||||||||||
| Denominator for diluted loss per share - weighted average shares outstanding | 551,676,757 | 414,669,947 | 262,237,117 | |||||||||
| Loss from continuing operations per common share attributable to common shareholders: | ||||||||||||
| Basic | (0.38 | ) | (0.02 | ) | (0.15 | ) | ||||||
| Diluted | (0.38 | ) | (0.02 | ) | (0.15 | ) | ||||||
The following table presents the computation of basic and diluted loss per share from discontinued operations:
| Year ended December 31, | ||||||||||||
| From discontinued operations | 2025 | 2024 | 2023 | |||||||||
| Numerator: | ||||||||||||
| Loss from discontinued operations | (76,030 | ) | (21,006 | ) | (15,578 | ) | ||||||
| Effect of Convertible Notes | ||||||||||||
| Numerator for diluted loss per share | (76,030 | ) | (21,006 | ) | (15,578 | ) | ||||||
| Denominator: | ||||||||||||
| Denominator for basis loss per share - weighted average shares outstanding | 551,676,757 | 414,669,947 | 262,237,117 | |||||||||
| Dilutive impact of Convertible Notes | ||||||||||||
| Denominator for diluted loss per share - weighted average shares outstanding | 551,676,757 | 414,669,947 | 262,237,117 | |||||||||
| Loss from discontinued operations per common share attributable to common shareholders: | ||||||||||||
| Basic | (0.14 | ) | (0.05 | ) | (0.06 | ) | ||||||
| Diluted | (0.14 | ) | (0.05 | ) | (0.06 | ) | ||||||
Earnings per share
For the year ended December 31, 2025, 2024 and 2023 potentially dilutive securities were excluded from the calculation of diluted loss per share due to their anti-dilutive effect.
The following table presents additional potentially dilutive securities that were excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive:
| Year ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Options | 8,995,839 | 6,046,226 | 3,864,150 | |||||||||
| Warrants | 6,874,665 | 5,704,798 | 768,476 | |||||||||
| RSUs | 4,776,810 | 859,942 | 331,735 | |||||||||
| PSUs | 1,682,050 | |||||||||||
| Share awards | 486,252 | |||||||||||
| Convertible note shares | 16,663,468 | |||||||||||
| 39,479,084 | 12,610,966 | 4,964,361 | ||||||||||
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.