PAVmed Inc. Earnings Per Share Disclosure

Note 19 — Net Income (Loss) Per Share

 

The Net income (loss) per share - attributable to PAVmed Inc. - basic and diluted and Net income (loss) per share - attributable to PAVmed Inc. common stockholders - basic and diluted - for the respective periods indicated - is as follows:

 

Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share

		Years Ended December 31,
		2024				2023
Numerator
Net income (loss) - before noncontrolling interest		$	28,427			$	(79,263	)
Net income (loss) attributable to noncontrolling interest			11,364				15,088
Net income (loss) - as reported, attributable to PAVmed Inc.		$	39,791			$	(64,175	)
Deemed dividend on Series Z warrant modification		$	—			$	(1,791	)
Series B Convertible Preferred Stock dividends – earned		$	(329	)		$	(304	)
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests		$	(7,496	)		$	—
Net income (loss) attributable to PAVmed Inc. common stockholders used in basic EPS calculation		$	31,966			$	(66,270	)
Fair Value Adjustment for diluted EPS calculation		$	428			$	—
Net income (loss) attributable to PAVmed Inc. common stockholders used in dilutive EPS calculation		$	32,394			$	(66,270	)
Denominator
Weighted average common shares outstanding, basic			9,672,199				7,231,546
Weighted average common shares outstanding, diluted			65,291,623				7,231,546
Net income (loss) per share (1)
Net income (loss) per share attributable to PAVmed Inc. common stockholders, basic (1)		$	3.30			$	(9.16	)
Net income (loss) per share attributable to PAVmed Inc. common stockholders, diluted (1)		$	0.50			$	(9.16	)

 

(1)

- Convertible preferred stock and restricted stock awards would potentially be considered a participating security under the two-class method of calculating net income (loss) per share. For periods where losses are presented, such holders are not contractually obligated to share in the losses, there is no impact on the Company’s net income (loss) per share calculation for the periods indicated.

 

The common stock equivalents have been excluded from the computation of diluted weighted average shares outstanding as their inclusion would be anti-dilutive, are as follows:

 

The Series B Convertible Preferred Stock dividends earned as of each of the respective years noted, are included in the calculation of basic and diluted net loss attributable to PAVmed common stockholders for each respective period presented. Notwithstanding, the Series B Convertible Preferred Stock dividends are recognized as a dividend payable only upon the dividend being declared payable by the Company’s board of directors.

 

 

Note 19 — Net Income (Loss) Per Share - continued

 

Basic weighted-average number of shares of common stock outstanding for the years ended December 31, 2024 and 2023 include the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares of common stock outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for the year ended December 31, 2023, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive. The common stock equivalents excluded from the computation of diluted weighted average shares outstanding are as follows:

 

Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share

		December 31,
		2024				2023
Stock options			1,065,319				1,192,458
Restricted stock awards			—				70,527
Series Z Warrants			795,830				795,830
Series B Convertible Preferred Stock			—				87,015
Total			1,861,149				2,145,830

 

The total stock options are inclusive of 60,054 stock options as of both December 31, 2024 and 2023, granted outside the PAVmed 2014 Equity Plan.