Earnings (Loss) per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution, if any, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two-class method or if-converted method. Diluted EPS excludes potential shares of common stock if their effect is anti-dilutive. If there is a net loss in any period, basic and diluted EPS are computed in the same manner.

The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common shareholders for the period to be allocated between different classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. We apply the two-class method for EPS when computing net income (loss) per Class A and Class C common shares.

As of December 31, 2024, we have not issued any instruments that were considered to be participating securities. Weighted average shares of Class A and Class C common stock have been combined in the denominator of basic and diluted earnings (loss) per share because they have equivalent economic rights. The following tables set forth the computation of our loss per share:


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net loss	$	(21.5)	$	(27.1)	$	(41.4)
Net loss attributable to common stockholders for basic and diluted EPS	$	(21.5)	$	(27.1)	$	(41.4)
Denominator:
Basic and diluted weighted average common shares outstanding	83,059,187		82,374,605		81,877,334
Two-class method:
Basic and diluted loss per share	$	(0.26)	$	(0.33)	$	(0.51)
Class A Common Stock:
Basic and diluted weighted average common shares outstanding	80,150,060		79,453,506		78,956,235
Proportionate share of net loss	$	(20.7)	$	(26.1)	$	(39.9)
Basic and diluted loss per share	$	(0.26)	$	(0.33)	$	(0.51)
Class C Common Stock:
Basic and diluted weighted average common shares outstanding	2,909,127		2,921,099		2,921,099
Proportionate share of net loss	$	(0.8)	$	(1.0)	$	(1.5)
Basic and diluted loss per share	$	(0.26)	$	(0.34)	$	(0.51)

The number of dilutive shares for 2024 was insignificant and would not have been factored into the determination of diluted EPS as we are in a loss position. The dilutive effect of 0.6 million, and 0.8 million shares in 2023, and 2022, respectively, was omitted from the calculation of diluted weighted-average shares outstanding and diluted earnings per share because we were in a loss position. In addition, 2.2 million, 1.3 million, and 3.1 million shares issuable subject to RSUs and PRSUs were not included in the computation of diluted shares outstanding for the years ended December 31, 2024, 2023, and 2022, respectively, because the effect would be anti-dilutive or because milestones were not yet achieved for awards contingent on the achievement of performance milestones.

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.

Ranpak Holdings Corp. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures