Note 21. Earnings per share

Basic earnings per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into the Company’s common shares.

The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the RSU Plan. Any dividend equivalent paid to an employee on RSUs will be returned to the Company upon forfeiture of the award by the employee. Unvested RSUs that are entitled to forfeitable dividend equivalents do not qualify as participating securities and are excluded in the Company’s basic and diluted earnings per share computations. Vested RSUs qualify as participating securities and are included in the Company’s diluted earnings per share computation.

The Company also has issued warrants which are exercisable to acquire one common share at a defined exercise price.

The following table sets forth the computation of basic and diluted income (loss) per common share for the year ended December 31, 2025 and December 31, 2024:


	Years Ended December 31,
		2025		2024
Basic earnings per share
Net income (loss)		$	(60,847)	$	(10,387)
Weighted-average number of common shares outstanding		8,597,454		6,113,203
Basic earnings (loss) per share		$	(7.08)	$	(1.70)

Diluted earnings per share
Net income (loss)		$	(60,847)	$	(10,387)
Weighted-average number of common shares outstanding		8,597,454		6,113,203
Incremental Common Shares
Assumed exercise of warrants ¹		—		—
Common shares potentially issuable ²		—		—
Weighted-average number of diluted common shares outstanding		8,597,454		6,113,203
Diluted earnings (loss) per share		$	(7.08)	$	(1.70)

________________

(1)For the years ended December 31, 2025 and 2024, both the Arrangement Warrants and debt warrants were anti-dilutive and are excluded from the calculation of diluted earnings per share.

(2)For the years ended December 31, 2025 and 2024, RSUs granted were anti-dilutive and are excluded from the calculation of diluted earnings per share.

The following table summarizes the anti-dilutive securities that are excluded from the computation of diluted income (loss) per share:


	Years Ended December 31,
		2025	2024
Anti-dilutive Securities
Weighted-average number of unexcercised warrants		706,886	812,877
Weighted-average number RSUs outstanding, inclusive of DEUs		317,458	166,049
Total common shares equivalent		1,024,344	978,926

The basic and diluted weighted average number of shares issued, anti-dilutive securities, and earnings per share have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of the Company post merger with TURN.

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.

Mount Logan Capital Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures