12. NET INCOME PER SHARE
The following table summarizes the calculation of basic and diluted net income per share:
| | | | | | | | |
| Year Ended December 31, |
| 2025 | 2024 |
| Net income attributable to Class A common stockholders basic and diluted | $ | 4,283 | | $ | 561 | |
| | |
| Weighted average number of shares of Class A common stock - basic | 28,138,140 | | 27,617,335 | |
| Effect of dilutive RSUs and options | 1,114,190 | | 77,315 | |
| Weighted average number of shares of Class A common stock - diluted | 29,252,330 | | 27,694,650 | |
| | |
| Net income per share of Class A common stock | | |
| Basic | $ | 0.15 | | $ | 0.02 | |
| Diluted | $ | 0.15 | | $ | 0.02 | |
The basic income per share for the year ended December 31, 2025 does not include 1,635,783 shares in treasury and 716,650 shares that are issued and outstanding but are contingent on achieving earnout targets.
Additionally, the diluted income per share of Class A common stock for the years ended December 31, 2025 and 2024 does not include Redeemable preferred non-controlling interests because the substantive contingency for conversion has not been met as of December 31, 2025. It also excludes redeemable non-controlling interests for the years ended December 31, 2025 and 2024.
For the periods in which EPS is presented, the following securities were excluded from the computation of diluted EPS since their impact would have been antidilutive:
| | | | | | | | |
| As of December 31, |
| 2025 | 2024 |
| Stock Options | 483,502 | | 498,661 | |
| Unvested PSUs | 1,936,307 | | 716,650 | |
| Unvested RSUs | 1,046,342 | | 1,761,558 | |
| OPAL Fuels Class B Units | 144,399,037 | | 144,399,037 | |
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.