MANNKIND CORP Earnings Per Share Disclosure
14. Earnings per Common Share
The following tables summarize the components of the basic and diluted EPS computations (in thousands, except per share amounts):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
EPS – basic: |
|
|
|
|
|
|
|
|
|
|||
Net income (loss) (numerator) |
|
$ |
5,863 |
|
|
$ |
27,588 |
|
|
$ |
(11,938 |
) |
Weighted average common shares (denominator) |
|
|
305,639 |
|
|
|
274,415 |
|
|
|
267,014 |
|
Net income (loss) per share |
|
$ |
0.02 |
|
|
$ |
0.10 |
|
|
$ |
(0.04 |
) |
EPS – diluted: |
|
|
|
|
|
|
|
|
|
|||
Net income (loss) (numerator) |
|
$ |
5,863 |
|
|
$ |
27,588 |
|
|
$ |
(11,938 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Weighted average common shares |
|
|
305,639 |
|
|
|
274,415 |
|
|
|
267,014 |
|
Effect of dilutive securities – common shares issuable |
|
|
8,473 |
|
|
|
9,429 |
|
|
|
— |
|
Adjusted weighted average common shares (denominator) |
|
|
314,112 |
|
|
|
283,844 |
|
|
|
267,014 |
|
Net income (loss) per share |
|
$ |
0.02 |
|
|
$ |
0.10 |
|
|
$ |
(0.04 |
) |
For the year ended December 31, 2025, diluted net income per share excluded the weighted average effect of 3.2 million shares of common stock underlying RSUs and Market RSUs, 0.2 million shares of common stock underlying options and PNQs, and 7.0 million shares of common stock issuable upon conversion of the senior convertible notes, as they were antidilutive.
For the year ended December 31, 2024, diluted net income per share excluded the weighted average effect of 9.9 million shares of common stock underlying RSUs and Market RSUs, 0.6 million shares of common stock underlying options and PNQs, and 7.0 million shares of common stock issuable upon conversion of the senior convertible notes, as they were antidilutive.
Common shares issuable for the year ended December 31, 2023 represent incremental shares of common stock which consist of RSUs, stock options, warrants, and shares that could be issued upon conversion of the senior convertible notes and the Mann Group convertible notes. Potentially dilutive securities outstanding which were considered antidilutive due to net losses are summarized as follows (in shares):
|
|
Year Ended December 31, |
|
|
|
|
2023 |
|
|
Senior convertible notes |
|
|
44,120,463 |
|
RSUs and Market RSUs (1) |
|
|
7,855,144 |
|
Common stock options and PNQs |
|
|
8,400,611 |
|
Mann Group convertible notes |
|
|
3,370,000 |
|
Employee stock purchase plan |
|
|
— |
|
Total shares |
|
|
63,746,218 |
|
_________________________
(1) |
Market RSUs issued in 2021, 2022 and 2023 are included at the share delivery of 0%, 140% and 0%, respectively, in accordance with a valuation assessment obtained as of December 31, 2023. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 23, 2023 | |
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.