Orchid Island Capital, Inc. Earnings Per Share Disclosure
NOTE 12. EARNINGS PER SHARE (EPS)
The Company had dividend eligible PUs and DSUs that were outstanding during the years ended December 31, 2025, 2024 and 2023. The basic and diluted per share computations include these unvested PUs and DSUs if there is income available to common stock, as they have dividend participation rights. The unvested PUs and DSUs have no contractual obligation to share in losses. Because there is no such obligation, the unvested PUs and DSUs are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.
The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2025, 2024 and 2023.
| (in thousands, except per-share information) | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Numerator for basic and diluted EPS per share of common stock: | ||||||||||||
| Net income (loss) - Basic and diluted | $ | 159,030 | $ | 37,662 | $ | (39,226 | ) | |||||
| Weighted average shares of common stock: | ||||||||||||
| Shares of common stock outstanding at the balance sheet date | 181,986 | 82,622 | 51,636 | |||||||||
| Unvested dividend eligible share based compensation outstanding at the balance sheet date | 284 | 235 | - | |||||||||
| Effect of weighting | (53,968 | ) | (17,408 | ) | (6,987 | ) | ||||||
| Weighted average shares-basic and diluted | 128,302 | 65,449 | 44,649 | |||||||||
| Net income (loss) per common share: | ||||||||||||
| Basic and diluted | $ | 1.24 | $ | 0.57 | $ | (0.89 | ) | |||||
| Anti-dilutive incentive shares not included in calculation. | - | - | 192 | |||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 25, 2016 | |
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.