LEE ENTERPRISES, Inc Earnings Per Share Disclosure
| (Thousands of Dollars and Shares, Except Per Common Share Data) | 2025 | 2024 | 2023 | ||||||||||||||
| Loss attributable to Lee Enterprises, Incorporated: | (37,593) | (25,845) | (5,267) | ||||||||||||||
| Weighted average Common Shares | 6,230 | 6,145 | 6,037 | ||||||||||||||
| Less non-vested restricted Common Shares | (164) | (201) | (170) | ||||||||||||||
| Basic weighted average Common Shares | 6,066 | 5,944 | 5,867 | ||||||||||||||
| Dilutive stock options and restricted Common Shares | — | — | — | ||||||||||||||
| Diluted weighted average Common Shares | 6,066 | 5,944 | 5,867 | ||||||||||||||
| Loss per common share: | |||||||||||||||||
| Basic: | (6.20) | (4.35) | (0.90) | ||||||||||||||
| Diluted | (6.20) | (4.35) | (0.90) | ||||||||||||||
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.