LINDBLAD EXPEDITIONS HOLDINGS, INC. Earnings Per Share Disclosure

NOTE 3 — EARNINGS PER SHARE

 

Earnings per common share is computed using the two-class method related to its Preferred Stock. Under the two-class method, undistributed earnings available to stockholders for the period are allocated on a pro rata basis to the common stockholders and to the holders of convertible preferred stock based on the weighted average number of common shares outstanding and number of shares that could be issued upon conversion of the Preferred Stock. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards, shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation.

 

For the years ended December 31, 2025, 2024 and 2023, the Company incurred a net loss from operations, therefore potential common shares were excluded from the diluted earnings per share calculation. For the year ended December 31, 2025, 0.9 million restricted shares, 1.5 million options and 9.0 million common shares issuable upon the conversion of the Preferred Stock were excluded. For the year ended December 31, 2024, 0.8 million restricted shares, 2.4 million options and 8.4 million common shares issuable upon the conversion of the Preferred Stock were excluded. For the year ended December 31, 2023, 0.8 million restricted shares, 0.2 million options and 8.0 million common shares issuable upon the conversion of the Preferred Stock were excluded. 

 

For the years ended December 31, 2025, 2024 and 2023, the Company calculated earnings per share as follows:

 

		For the years ended December 31,
		2025				2024				2023
(In thousands, except share and per share data)
Net loss attributable to Lindblad Expeditions Holdings, Inc.		$	(29,721	)		$	(31,179	)		$	(45,610	)
Series A redeemable convertible preferred stock dividend			4,926				4,641				4,373
Undistributed loss available to stockholders		$	(34,647	)		$	(35,820	)		$	(49,983	)
Weighted average shares outstanding:
Total weighted average shares outstanding, basic			54,970,812				53,817,462				53,256,513
Total weighted average shares outstanding, diluted			54,970,812				53,817,462				53,256,513
Undistributed loss per share available to stockholders:
Basic		$	(0.63	)		$	(0.67	)		$	(0.94	)
Diluted		$	(0.63	)		$	(0.67	)		$	(0.94	)