MIAMI INTERNATIONAL HOLDINGS, INC. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Basic net income (loss) per share: | |||||||||||||||||
| Net income (loss) | $ | (70,029) | $ | 101,986 | $ | (21,372) | |||||||||||
| Net loss attributable to non-controlling interest | — | (137) | (482) | ||||||||||||||
| Net income (loss) attributable to Miami International Holdings, Inc. | $ | (70,029) | $ | 102,123 | $ | (20,890) | |||||||||||
| Weighted-average common shares outstanding | 69,836,032 | 60,698,967 | 56,457,675 | ||||||||||||||
| Basic net income (loss) per share | $ | (1.00) | $ | 1.68 | $ | (0.37) | |||||||||||
| Diluted net income (loss) per share: | |||||||||||||||||
| Net income (loss) attributable to Miami International Holdings, Inc. | $ | (70,029) | $ | 102,123 | $ | (20,890) | |||||||||||
| Add: convertible debt interest expense, net of tax | — | 1,296 | — | ||||||||||||||
| Adjusted net income (loss) attributable to Miami International Holdings, Inc. | $ | (70,029) | $ | 103,419 | $ | (20,890) | |||||||||||
| Weighted-average common shares and share equivalents outstanding | 69,836,032 | 74,625,858 | 56,457,675 | ||||||||||||||
| Diluted net income (loss) per share | $ | (1.00) | $ | 1.39 | $ | (0.37) | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Outstanding stock options | 22,037,914 | 5,578,703 | 21,168,964 | ||||||||||||||
| Warrants to purchase shares of common stock | 14,215,311 | 966,845 | 15,309,559 | ||||||||||||||
| Convertible preferred stock | — | 781,859 | 746,859 | ||||||||||||||
| Debt/accrued interest convertible into shares of common stock | 2,987 | 526,055 | 3,598,142 | ||||||||||||||
| Unvested restricted stock awards | 1,580,082 | 1,624,309 | 4,512,376 | ||||||||||||||
| Total potentially diluted shares of common stock | 37,836,294 | 9,477,771 | 45,335,900 | ||||||||||||||
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.