MediaAlpha, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Basic | |||||||||||||||||
Net income (loss) | $ | 26,761 | $ | 22,118 | $ | (56,555) | |||||||||||
Less: net income (loss) attributable to non-controlling interest | 1,138 | 5,489 | (16,135) | ||||||||||||||
Net income (loss) attributable to MediaAlpha, Inc. | $ | 25,623 | $ | 16,629 | $ | (40,420) | |||||||||||
| Denominator: | |||||||||||||||||
Weighted-average shares of Class A common stock outstanding - basic | 56,244,357 | 53,043,576 | 45,573,416 | ||||||||||||||
Weighted-average shares of Class A common stock outstanding - diluted | 66,786,155 | 53,043,576 | 45,573,416 | ||||||||||||||
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - basic | $ | 0.46 | $ | 0.31 | $ | (0.89) | |||||||||||
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - diluted | $ | 0.39 | $ | 0.31 | $ | (0.89) | |||||||||||
Year Ended December 31, | |||||
| 2025 | |||||
| Diluted | |||||
Net income | $ | 26,761 | |||
Add: incremental tax benefits related to exchange of Class B-1 units | (1,014) | ||||
Net income attributable to MediaAlpha, Inc. available for diluted common shares | $ | 25,747 | |||
| Weighted-average shares outstanding: | |||||
| Class A common stock | 56,244,357 | ||||
Class B-1 units of QLH | 10,541,798 | ||||
| Weighted-average shares of Class A common stock and potential Class A common stock | 66,786,155 | ||||
Net income attributable to MediaAlpha, Inc. per share of Class A common stock - diluted | $ | 0.39 | |||
| As of | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Restricted stock units | 4,510,396 | 3,206,157 | 3,632,433 | ||||||||||||||
QLH Class B-1 Units | — | 11,609,982 | 18,106,782 | ||||||||||||||
| Restricted Class A Shares | — | — | 28,340 | ||||||||||||||
PRSUs | — | 147,500 | — | ||||||||||||||
Potentially dilutive shares | 4,510,396 | 14,963,639 | 21,767,555 | ||||||||||||||
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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.