National Healthcare Properties, Inc.NHP

National Healthcare Properties, Inc. Earnings Per Share Disclosure

10-KFiled Feb 20, 20262 min read
Net Loss Per Share
The following is a summary of the net loss per basic and diluted share computation for the years ended December 31, 2025, 2024 and 2023 and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (amount in thousands, except shares and per share data):
Year ended December 31,
202520242023
Numerator:
Net loss attributable to common stockholders
$(71,067)$(203,495)$(86,097)
Denominator:
Denominator for basic net loss per share — weighted-average shares
28,304 28,286 28,280 
Effect of dilutive securities:
Unvested restricted shares (1)
16 — 21 
Common OP Units (2)
124 124 124 
Class B Units (3)
110 110 110 
Denominator for diluted net loss per share — weighted-average shares (4)
28,554 28,520 28,535 
Basic and diluted net loss per share$(2.51)$(7.19)$(3.04)
________
(1)Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 160,199, nil and 12,911 unvested restricted shares outstanding as of December 31, 2025, 2024 and 2023, respectively.
(2)Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 405,998 Common OP Units outstanding as of December 31, 2025, 2024 and 2023.
(3)Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 359,250 Class B Units outstanding as of December 31, 2025, 2024 and 2023.
(4)Potential common stock equivalents were excluded from the calculation of diluted net loss per share attributable to stockholders when a net loss exists as the effect would be an antidilutive per share amount.
Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common stock equivalents. Series A Preferred Units are non-participating.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 27, 2025

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.

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