PAR PACIFIC HOLDINGS, INC.PARR

PAR PACIFIC HOLDINGS, INC. Earnings Per Share Disclosure

10-KFiled Feb 25, 20261 min read
Income (Loss) Per Share
The following table sets forth the computation of basic and diluted income (loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts):
Year Ended December 31,
202520242023
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 outstanding50,743 56,775 60,035 
Plus: dilutive effects of common stock equivalents (1)
848 — 979 
Diluted weighted-average common stock shares outstanding51,591 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 stock283 839 27 
Shares of stock options639 1,544 129 
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(1)Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted loss per common share for the year ended December 31, 2024.

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.

Other Available Disclosures

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