NEOGEN CORP Earnings Per Share Disclosure
3. Net Loss Per Share
Basic net loss per share is based on the weighted average number of common shares outstanding during each year. Diluted losses per share is based on the weighted average number of common shares and dilutive potential common shares outstanding. Our dilutive potential common shares outstanding during the years result from dilutive stock options and restricted stock units ("RSUs"). The following table presents the net loss per share calculations:
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|
Year Ended May 31, |
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2025 |
|
|
2024 |
|
|
2023 |
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Numerator for basic and diluted net loss per share — Net Loss |
|
$ |
(1,092,044 |
) |
|
$ |
(9,421 |
) |
|
$ |
(22,870 |
) |
Denominator for basic net loss per share — Weighted average shares |
|
|
216,894,861 |
|
|
|
216,481,878 |
|
|
|
188,880,836 |
|
Effect of dilutive stock options and restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Denominator for diluted net loss per share |
|
|
216,894,861 |
|
|
|
216,481,878 |
|
|
|
188,880,836 |
|
Net loss attributable per share |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
(5.03 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.12 |
) |
Diluted |
|
$ |
(5.03 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.12 |
) |
Due to the net loss in fiscal years 2025, 2024, and 2023, the stock options and RSUs are anti-dilutive. At May 31, 2025, May 31, 2024, and May 31, 2023 approximately 120,736, 332,025 and 147,671 shares, respectively, were excluded from the calculation of diluted net loss per share, because the inclusion of such securities in the calculation would have been anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jul 30, 2025 | Showing above |
| 2024 | Jul 30, 2024 | |
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.