CENTRUS ENERGY CORPLEU

CENTRUS ENERGY CORP Earnings Per Share Disclosure

10-KFiled Feb 11, 20262 min read
NET INCOME PER COMMON SHARE
Basic net income per share is calculated by dividing income allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards including restricted stock, stock options, stock appreciation rights and notional stock units, and a warrant. For further details, refer to Note 16, Stockholders’ Equity. No dilutive effect is recognized in a period in which a net loss has occurred.

On November 7, 2024, Centrus issued $402.5 million aggregate principal amount 2.25% Convertible Notes due 2030. On August 18, 2025, Centrus issued $805.0 million aggregate principal amount 0% Convertible Notes due 2032. The dilutive impact of both the 2.25% Convertible Notes and 0% Convertible Notes on the calculation of diluted income per share is considered using the if-converted method. However, because the principal amount of the 2.25% Convertible Notes and 0% Convertible Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the 2.25% Convertible Notes and 0% Convertible Notes. For further details, refer to Note 8, Debt.
The weighted average number of common and common equivalent shares and the calculation of basic and diluted income per common share are as follows:

 Year Ended December 31,
202520242023
Numerator (in millions):
Net income$77.8 $73.2 $84.4 
Denominator (in thousands):
Average common shares outstanding - basic17,967 16,309 15,212 
Potentially dilutive shares related to equity-compensation awards
58 64 289 
Potentially dilutive shares related to 2.25% Convertible Notes
1,900 — — 
Potentially dilutive shares related to 0% Convertible Notes
— — — 
Average common shares outstanding - diluted19,925 16,373 15,501 
Net income per common share (in dollars):
Basic$4.33 $4.49 $5.55 
Diluted$3.90 $4.47 $5.44 
0% Convertible Notes (if-converted) excluded from the diluted calculation because they would have been antidilutive (in thousands)
951$— $— 

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2020Mar 22, 2021

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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