Noble Corp plcNE

Noble Corp plc Earnings Per Share Disclosure

10-KFiled Feb 12, 20261 min read
Note 4 — Earnings (Loss) Per Share
The following table presents the computation of basic and diluted earnings (loss) per share:
Year EndedYear EndedYear Ended
December 31, 2025December 31, 2024December 31, 2023
Numerator: 
Net income (loss) $216,717 $448,353 $481,902 
Denominator: 
Weighted average shares outstanding — basic158,872 148,733 138,380 
Dilutive effect of share-based awards535 1,512 3,158 
Dilutive effect of warrants795 1,394 3,659 
Weighted average shares outstanding — diluted160,202 151,639 145,197 
Earnings (loss) per share data:
 
Basic
$1.36 $3.01 $3.48 
Diluted
$1.35 $2.96 $3.32 
Only those items having a dilutive impact on our basic earnings (loss) per share are included in diluted earnings (loss) per share. The following table displays the share-based instruments that have been excluded from diluted earnings (loss) per share since the effect would have been anti-dilutive:
Year EndedYear EndedYear Ended
December 31, 2025December 31, 2024December 31, 2023
Warrants (1)
2,773 2,774 2,774 
(1)    Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the Treasury Stock Method, adjusted for mandatory exercise provisions under the warrant agreements, if applicable.

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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