DORIAN LPG LTD. Earnings Per Share Disclosure
23. Earnings Per Share (“EPS”)
Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.
The calculations of basic and diluted EPS for the years presented were as follows:
Year ended | |||||||||||
(In U.S. dollars except share data) | March 31, 2026 | March 31, 2025 | March 31, 2024 | ||||||||
Numerator: | |||||||||||
Net income | $ | 193,665,933 | $ | 90,170,480 | $ | 307,446,913 | |||||
Denominator: | |||||||||||
Basic weighted average number of common shares outstanding | 42,518,779 | 42,134,482 | 40,275,350 | ||||||||
Effect of dilutive restricted stock and restricted stock units | 95,026 | 97,871 | 175,217 | ||||||||
Diluted weighted average number of common shares outstanding | 42,613,805 | 42,232,353 | 40,450,567 | ||||||||
EPS: | |||||||||||
Basic | $ | 4.55 | $ | 2.14 | $ | 7.63 | |||||
Diluted | $ | 4.54 | $ | 2.14 | $ | 7.60 | |||||
There were 1,500 and 4,125 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the years ended March 31, 2025 and 2024 and no shares of unvested restricted stock were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the year ended March 31, 2026.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 27, 2026 | Showing above |
| 2025 | May 29, 2025 | |
| 2024 | May 29, 2024 | |
| 2023 | Jun 2, 2023 | |
| 2022 | Jun 2, 2022 | |
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.