PAR PACIFIC HOLDINGS, INC. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Net income (loss) | $ | 367,088 | $ | (33,322) | $ | 728,642 | |||||||||||
Less: Net loss attributable to noncontrolling interest | (2,303) | — | — | ||||||||||||||
| Net income (loss) attributable to Par Pacific stockholders | $ | 369,391 | $ | (33,322) | $ | 728,642 | |||||||||||
| Numerator for diluted income (loss) attributable to Par Pacific stockholders per common share | $ | 369,391 | $ | (33,322) | $ | 728,642 | |||||||||||
| Basic weighted-average common stock shares outstanding | 50,743 | 56,775 | 60,035 | ||||||||||||||
Plus: dilutive effects of common stock equivalents (1) | 848 | — | 979 | ||||||||||||||
| Diluted weighted-average common stock shares outstanding | 51,591 | 56,775 | 61,014 | ||||||||||||||
| Basic income (loss) attributable to Par Pacific stockholders per common share | $ | 7.28 | $ | (0.59) | $ | 12.14 | |||||||||||
| Diluted income (loss) attributable to Par Pacific stockholders per common share | $ | 7.16 | $ | (0.59) | $ | 11.94 | |||||||||||
Diluted income (loss) attributable to Par Pacific stockholders per common share excludes the following equity instruments because their effect would be anti-dilutive: | |||||||||||||||||
| Shares of unvested restricted stock | 283 | 839 | 27 | ||||||||||||||
| Shares of stock options | 639 | 1,544 | 129 | ||||||||||||||
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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.