Limbach Holdings, Inc.LMB

Limbach Holdings, Inc. Earnings Per Share Disclosure

10-KFiled Mar 10, 20252 min read
Earning per Share
Earnings per Share
The Company calculates earnings per share in accordance with ASC Topic 260 - Earnings Per Share (“EPS”). Basic earnings per share of the Company’s common stock applicable to common stockholders is computed by dividing earnings applicable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding and assumed to be outstanding. Diluted EPS assumes the dilutive effect of outstanding common stock warrants, shares issued in conjunction with the Company’s ESPP (defined in Note 8 — Equity) and RSUs, all using the treasury stock method.
The following table sets forth the computation of the basic and diluted earnings per share attributable to the Company's common stockholders for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended
(in thousands, except per share amounts)December 31, 2024December 31, 2023December 31, 2022
EPS numerator:
Net income$30,875 $20,754 $6,799 
EPS denominator:
Weighted average shares outstanding – basic11,244 10,773 10,425 
In-the-money warrants— 249 — 
Nonvested restricted stock units783 789 247 
Employee stock purchase plan— 1 5 
Weighted average shares outstanding – diluted12,027 11,812 10,677 
EPS:
      Basic$2.75 $1.93 $0.65 
   Diluted $2.57 $1.76 $0.64 
The following table summarizes the securities that were antidilutive or out-of-the-money, and therefore, were not included in the computations of diluted income per share of the Company’s common stock:
For the Years Ended
December 31, 2024December 31, 2023December 31, 2022
Out-of-the-money warrants— — 1,229,643 
Service-based RSUs— — — 
Performance and market-based RSUs(1)
— 95 — 
Employee stock purchase plan351 1,044 1,573 
Total351 1,139 1,231,216 
(1)    For the year ended December 31, 2022, certain market-based awards were not included in the computation of diluted income per common share because the market conditions were not satisfied during the periods and would not be satisfied if the reporting date was at the end of the contingency period.
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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.

Other Available Disclosures

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