Liberty Latin America Ltd.LILA

Liberty Latin America Ltd. Earnings Per Share Disclosure

10-KFiled Feb 18, 20262 min read
Earnings or Loss per Share
Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented. Diluted EPS presents the dilutive effect, if any, on a per share basis of dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented.
The details of the calculations of our basic and diluted EPS are set forth below:
Year ended December 31,
202520242023
in millions, except per share amounts
Numerator:
Net loss attributable to Liberty Latin America shareholders - basic and diluted$(611.2)$(689.4)$(73.6)
Denominator:
Weighted average shares - basic and diluted (a)199.5 198.4 210.0 
Basic and diluted net loss per share attributable to Liberty Latin America shareholders$(3.06)$(3.47)$(0.35)
(a)During 2025, 2024 and 2023, we reported losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at each period of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, and for 2023 PSARs, because such awards had not yet met the applicable performance criteria:
 December 31,
 202520242023
in millions
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs
44.5 41.9 37.7 
Outstanding PSUs and PSARs
8.6 8.6 8.7 
LTVP and ESPP
6.5 6.4 3.6 
Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) (i)
— — 10.7 
(i)With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during 2023, the Convertible Notes Capped Calls provided an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. During 2024, the Convertible Notes Capped Calls expired at maturity or were unwound in connection with redemption activity on the Convertible Notes, as further described in note 9.

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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