Note 16. Earnings Per Share
The following table presents the basic and diluted earnings per share:
202520242023
Basic (loss) income per share$(4.45)$1.17 $0.33 
Diluted (loss) income per share(4.45)1.16 0.32 
The following table presents the reconciliations of net (loss) income and weighted-average shares outstanding used in the calculations of basic and diluted earnings per share (in thousands):
202520242023
Numerator: (1)
Net (loss) income - basic and diluted
$(242,471)$63,234 $17,546 
Denominator: (1)
Weighted-average shares outstanding - basic54,548 54,240 53,939 
Add: Dilutive effect of share-based compensation and convertible debt instruments (2)
— 334 273 
Weighted-average shares outstanding - diluted54,548 54,574 54,212 
(1)For the year ended December 31, 2025, the 2029 Notes were outstanding and potentially dilutive securities, but were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.
(2)Excluded from the computation of diluted earnings per share for the years ended December 31, 2025, 2024, and 2023 were shares for stock options, SARs, and RSUs totaling 2.4 million, 2.8 million, and 3.0 million, respectively, because to include them would have been anti-dilutive under the treasury stock method.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 25, 2025
2023Feb 29, 2024
2022Feb 27, 2023
2021Mar 1, 2022
2020Mar 1, 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.