National Energy Services Reunited Corp. Earnings Per Share Disclosure
Under ASC 260, Earnings per Share, the Company applies the treasury stock method, reverse treasury stock method, if-converted method or contingently issuable share method, as applicable, to allocate earnings and determine the impact of potentially dilutive shares as none of its potentially dilutive securities participates in dividends.
Years ended December 31, 2025, 2024, and 2023
| Date | Transaction Detail | Change in Shares | Year ended December 31, 2025, Weighted Average | |||||||
| January 1, 2025 | Beginning Balance | 96,045,856 | ||||||||
| January 6, 2025 | Settlement of liability-classified share-based compensation | 61,353 | 60,344 | |||||||
| February 17, 2025 | Equity-classified Restricted Stock Issuance | 666 | 578 | |||||||
| February 27, 2025 | Equity-classified Restricted Stock Issuance | 1,000 | 841 | |||||||
| March 17, 2025 | Equity-classified Restricted Stock Issuance | 12,430 | 9,842 | |||||||
| March 18, 2025 | Equity-classified Restricted Stock Issuance | 231,661 | 182,790 | |||||||
| April 22, 2025 | Settlement of liability-classified share-based compensation | 100,001 | 69,316 | |||||||
| July 1, 2025 | Warrant exchange (Note 15) | 3,543,571 | 1,776,640 | |||||||
| August 14, 2025 | Equity-classified Restricted Stock Issuance | 777,245 | 295,992 | |||||||
| September 5, 2025 | Equity-classified Restricted Stock Issuance | 1,977 | 634 | |||||||
| September 12, 2025 | Equity-classified Restricted Stock Issuance | 1,999 | 602 | |||||||
| October 3, 2025 | Equity-classified Restricted Stock Issuance | 1,499 | 366 | |||||||
| October 3, 2025 | Equity-classified Restricted Stock Issuance | 333 | 81 | |||||||
| October 20, 2025 | Equity-classified Restricted Stock Issuance | 1,166 | 230 | |||||||
| November 21, 2025 | Equity-classified Restricted Stock Issuance | 666 | 73 | |||||||
| December 1, 2025 | Equity-classified Restricted Stock Issuance | 3,250 | 267 | |||||||
| December 12, 2025 | Equity-classified Restricted Stock Issuance | 2,500 | 130 | |||||||
| December 31, 2025 | Ending Balance | 98,444,582 | ||||||||
| Date | Transaction Detail | Change in Shares | Year
ended Weighted
Average | |||||||
| January 1, 2024 | Beginning Balance | 94,996,397 | ||||||||
| January 9, 2024 | Equity-classified Restricted Stock Issuance | 333 | 325 | |||||||
| March 17, 2024 | Equity-classified Restricted Stock Issuance | 12,751 | 10,068 | |||||||
| March 18, 2024 | Equity-classified Restricted Stock Issuance | 242,455 | 190,784 | |||||||
| March 19, 2024 | Equity-classified Restricted Stock Issuance | 235,741 | 184,857 | |||||||
| April 1, 2024 | Equity-classified Restricted Stock Issuance | 1,774 | 1,343 | |||||||
| April 23, 2024 | Equity-classified Restricted Stock Issuance | 1,333 | 918 | |||||||
| May 2, 2024 | Return of shares from W.D. Van Gonten Engineering | (82,331 | ) | (54,662 | ) | |||||
| August 14, 2024 | Equity-classified Restricted Stock Issuance | 38,758 | 14,720 | |||||||
| October 1, 2024 | Settlement of liability-classified share-based compensation | 118,647 | 29,500 | |||||||
| October 3, 2024 | Settlement of liability-classified share-based compensation | 30,000 | 7,295 | |||||||
| October 21, 2024 | Settlement of liability-classified share-based compensation | 449,998 | 90,982 | |||||||
| December 31, 2024 | Ending Balance | 95,472,527 | ||||||||
| Date | Transaction Detail | Change in Shares | Year ended Weighted
Average | |||||||
| January 1, 2023 | Beginning Balance | 94,012,752 | ||||||||
| January 23, 2023 | Equity-classified Restricted Stock Issuance | 500 | 468 | |||||||
| February 2, 2023 | Equity-classified Restricted Stock Issuance | 22,440 | 20,411 | |||||||
| February 24, 2023 | Equity-classified Restricted Stock Issuance | 250 | 212 | |||||||
| March 1, 2023 | Equity-classified Restricted Stock Issuance | 333 | 278 | |||||||
| March 16, 2023 | Equity-classified Restricted Stock Issuance | 247,286 | 196,474 | |||||||
| March 17, 2023 | Equity-classified Restricted Stock Issuance | 578,436 | 457,995 | |||||||
| April 12, 2023 | Equity-classified Restricted Stock Issuance | 666 | 480 | |||||||
| June 1, 2023 | Equity-classified Restricted Stock Issuance | 40,000 | 23,342 | |||||||
| June 22, 2023 | Equity-classified Restricted Stock Issuance | 1,484 | 781 | |||||||
| August 14, 2023 | Equity-classified Restricted Stock Issuance | 92,250 | 35,131 | |||||||
| December 31, 2023 | Ending Balance | 94,748,324 | ||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
| Net income to Ordinary Shareholders | Weighted-average ordinary shares outstanding | EPS | Net income to Ordinary Shareholders | Weighted-average ordinary shares outstanding | EPS | Net income to Ordinary Shareholders | Weighted-average ordinary shares outstanding | EPS | ||||||||||||||||||||||||||||
| Basic EPS - ordinary shares | $ | 51,132 | $ | 0.52 | $ | 76,310 | 95,472,527 | $ | 0.80 | $ | 12,580 | 94,748,324 | $ | 0.13 | ||||||||||||||||||||||
| Restricted stock units | 263,397 | |||||||||||||||||||||||||||||||||||
| Antidilution sequencing - subtotal | 51,132 | 0.52 | 76,310 | 95,735,924 | 0.80 | 12,580 | 94,748,324 | 0.13 | ||||||||||||||||||||||||||||
| 35,540,380 warrants @ $5.75 per half share | ||||||||||||||||||||||||||||||||||||
| Diluted EPS - ordinary shares | $ | 51,132 | $ | 0.52 | $ | 76,310 | 95,735,924 | $ | 0.80 | $ | 12,580 | 94,748,324 | $ | 0.13 | ||||||||||||||||||||||
Prior to the announcement of the exchange offer on May 30, 2025 (Note 15), potentially dilutive warrants had no impact on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive for the years ended December 31, 2024, and 2023, respectively.
In addition to the warrants, the Company also had , , and weighted average restricted stock units excluded from dilutive ordinary shares for the years ended December 31, 2025, 2024, and 2023, respectively, as they were assumed repurchased through the impact of unrecognized share-based compensation cost.
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.