LanzaTech Global, Inc. Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator: | |||||||||||
| Net loss for basic and diluted earnings per common share | $ | (137,731) | $ | (134,098) | |||||||
| Unpaid cumulative dividends on preferred stock | — | (4,117) | |||||||||
| Net loss allocated to common shareholders | $ | (137,731) | $ | (138,215) | |||||||
| Denominator: | |||||||||||
| Weighted-average shares used in calculating net loss per share, basic and diluted | 197,579,945 | 176,023,219 | |||||||||
Net loss per common share, basic and diluted(1) | $ | (0.70) | $ | (0.79) | |||||||
| December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Options | 18,658,807 | 16,411,978 | |||||||||
| RSUs | 7,767,910 | 7,084,967 | |||||||||
| Convertible Note | 32,000,000 | — | |||||||||
| Brookfield SAFE | 5,000,000 | 5,000,000 | |||||||||
| Warrants | 16,657,686 | 16,657,686 | |||||||||
| Total | 80,084,403 | 45,154,631 | |||||||||
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.