NORTHERN OIL & GAS, INC. Earnings Per Share Disclosure
| December 31, | |||||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Net Income Attributable to Common Stock | $ | 38,761 | $ | 520,308 | $ | 922,969 | |||||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||
| Weighted Average Common Shares Outstanding – Basic | 97,711,444 | 99,852,539 | 91,483,687 | ||||||||||||||
| Plus: Dilutive Effect of Restricted Stock, Preferred Stock, Convertible Notes, and Common Stock Warrants | 1,602,938 | 1,415,086 | 577,260 | ||||||||||||||
| Weighted Average Common Shares Outstanding – Diluted | 99,314,382 | 101,267,625 | 92,060,947 | ||||||||||||||
| Net Income per Common Share: | |||||||||||||||||
| Basic | $ | 0.40 | $ | 5.21 | $ | 10.09 | |||||||||||
| Diluted | $ | 0.39 | $ | 5.14 | $ | 10.03 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2022 | Feb 24, 2023 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 12, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Mar 2, 2017 | |
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.