Pulmonx Corp Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator | |||||||||||
| Net loss attributable to common stockholders | $ | (56,394) | $ | (60,843) | |||||||
| Denominator | |||||||||||
| Weighted-average common stock outstanding | 39,111,106 | 37,998,509 | |||||||||
| Less: weighted-average common shares subject to repurchase | (33) | (23,942) | |||||||||
| Weighted-average common shares used to compute basic and diluted net loss per share | 39,111,073 | 37,974,567 | |||||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.44) | $ | (1.60) | |||||||
| Years Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Options to purchase common stock | 3,627,606 | 3,142,981 | |||||||||
| Unvested restricted stock units | 2,728,599 | 2,244,903 | |||||||||
| Shares committed under ESPP | 80,791 | 55,714 | |||||||||
| Unvested early exercised common stock options | — | 109 | |||||||||
| Total Shares | 6,436,996 | 5,443,707 | |||||||||
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.