MALIBU BOATS, INC.MBUU

MALIBU BOATS, INC. Earnings Per Share Disclosure

10-KFiled Aug 28, 20253 min read
Net Earnings (Loss) Per Share
Basic net income (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to the Company's earnings by the weighted average number of shares of Class A Common Stock outstanding during the period. The weighted average number of shares of Class A Common Stock outstanding used in computing basic net income (loss) per share includes fully vested restricted stock units awarded to directors that are entitled to participate in distributions to common shareholders through receipt of additional units of equivalent value to the dividends paid to Class A Common Stock holders.
Diluted net income (loss) per share of Class A Common Stock is computed similarly to basic net income (loss) per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents using the treasury method, if dilutive. The Company’s LLC Units and non-qualified stock options are considered common stock equivalents for this purpose. The number of additional shares of Class A Common Stock related to these common stock equivalents and stock options are calculated using the treasury stock method.
Stock awards with a performance condition that are based on the attainment of a specified amount of earnings are only included in the computation of diluted earnings per share to the extent that the performance condition would be achieved based on the current amount of earnings, and only if the effect would be dilutive.
Stock awards with a market condition that are based on the performance of the Company's stock price in relation to a market index over a specified time period are only included in the computation of diluted earnings per share to the extent that
the shares would be issued based on the current market price of the Company's stock in relation to the market index, and only if the effect would be dilutive.
Basic and diluted net income (loss) per share of Class A Common Stock has been computed as follows (in thousands, except share and per share amounts):
Fiscal Year Ended June 30,
202520242023
Basic:
Net income (loss) attributable to Malibu Boats, Inc.$14,879 $(55,912)$104,513 
Shares used in computing basic net income (loss) per share:
Weighted-average Class A Common Stock19,376,967 20,167,169 20,245,980 
Weighted-average participating restricted stock units convertible into Class A Common Stock287,370 272,280 255,864 
Basic weighted-average shares outstanding19,664,337 20,439,449 20,501,844 
Basic net income (loss) per share$0.76 $(2.74)$5.10 
Diluted:
Net income (loss) attributable to Malibu Boats, Inc.$14,879 $(55,912)$104,513 
Shares used in computing diluted net income (loss) per share:
Basic weighted-average shares outstanding19,664,337 20,439,449 20,501,844 
Restricted stock units granted to employees24,102 — 66,954 
Stock options granted to employees352 — 12,707 
Market performance awards granted to employees5,886 — 59,668 
Diluted weighted-average shares outstanding 1
19,694,677 20,439,449 20,641,173 
Diluted net income (loss) per share$0.76 $(2.74)$5.06 
1 The Company excluded 494,980, 612,277, and 516,205 potentially dilutive shares from the calculation of diluted net income (loss) per share for the fiscal year ended June 30, 2025, 2024, and 2023, respectively, as these units would have been antidilutive.
The shares of Class B Common Stock do not share in the earnings or losses of Malibu Boats, Inc. and are therefore not included in the calculation. Accordingly, basic and diluted net income (loss) per share of Class B Common Stock has not been presented.

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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