National CineMedia, Inc. Earnings Per Share Disclosure
Basic (loss) income per share is computed on the basis of the weighted average number of common shares outstanding. Diluted (loss) income per share is computed on the basis of the weighted average number of common shares outstanding plus the effect of potentially dilutive common stock options, restricted stock and exchangeable NCM LLC common units using the treasury stock method. The components of basic and diluted (loss) income per NCM, Inc. share are as follows:
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Years Ended |
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January 1, 2026 |
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December 26, 2024 |
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December 28, 2023 |
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Net (loss) income attributable to NCM, Inc. (in millions) |
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$ |
(10.6 |
) |
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$ |
(22.3 |
) |
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$ |
705.2 |
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Weighted average shares outstanding: |
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Basic |
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94,182,400 |
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95,865,998 |
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47,882,944 |
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Add: Dilutive effect of stock options, restricted stock, and |
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— |
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— |
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|
|
691,639 |
|
Diluted |
|
|
94,182,400 |
|
|
|
95,865,998 |
|
|
|
48,574,583 |
|
(Loss) income per NCM, Inc. share: |
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Basic |
|
$ |
(0.11 |
) |
|
$ |
(0.23 |
) |
|
$ |
14.73 |
|
Diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.23 |
) |
|
$ |
14.34 |
|
The effect of the 853 and 5,715 weighted average exchangeable NCM LLC common membership units held by the ESA Parties for the years ended January 1, 2026 and December 26, 2024, respectively, were excluded from the calculation of diluted weighted average shares and earnings per NCM, Inc. share as they were antidilutive. The weighted average exchangeable NCM LLC common membership units held by the ESA Parties for the year ended December 28, 2023 was 685,404 and are included in diluted weighted average shares. In addition, there were 5,440,529, 5,671,341 and 979,176, stock options and non-vested (restricted) shares for the years ended January 1, 2026, December 26, 2024 and December 28, 2023, respectively, excluded from the calculation as they were antidilutive. The Company’s non-vested (restricted) shares do not meet the definition of a participating security as the dividends will not be paid if the shares do not vest.
On August 3, 2023, the Company effected a one-for-ten (1:10) reverse stock split of its common stock, par value $0.01 per share. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company’s stockholders on August 2, 2023. The reverse stock split reduced the number of outstanding shares of the Company’s common stock from 174,112,385 shares as of August 3, 2023, to 17,411,323 shares outstanding post-split.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Feb 26, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 18, 2024 | |
| 2022 | Apr 13, 2023 | |
| 2021 | Mar 3, 2022 | |
| 2020 | Mar 9, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Mar 19, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
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.