Pacira BioSciences, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2023 | 2022 | 2021 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income—basic | $ | 41,955 | $ | 15,909 | $ | 41,980 | |||||||||||
| ASU 2020-06 convertible notes if-converted method adjustment | 4,114 | — | — | ||||||||||||||
| Adjusted net income—diluted | $ | 46,069 | $ | 15,909 | $ | 41,980 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted average common shares outstanding—basic | 46,222 | 45,521 | 44,262 | ||||||||||||||
| Computation of diluted securities: | |||||||||||||||||
| ASU 2020-06 convertible notes if-converted method adjustment | 5,608 | — | — | ||||||||||||||
| Dilutive effect of stock options | 51 | 787 | 1,030 | ||||||||||||||
| Dilutive effect of RSUs | 96 | 226 | 298 | ||||||||||||||
| Dilutive effect of conversion premium on the 2022 Notes | — | — | 38 | ||||||||||||||
| Dilutive effect of ESPP purchase options | 2 | 4 | 2 | ||||||||||||||
| Weighted average common shares outstanding—diluted | 51,979 | 46,538 | 45,630 | ||||||||||||||
| Net income per share: | |||||||||||||||||
| Basic net income per common share | $ | 0.91 | $ | 0.35 | $ | 0.95 | |||||||||||
| Diluted net income per common share | $ | 0.89 | $ | 0.34 | $ | 0.92 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2023 | 2022 | 2021 | |||||||||||||||
| Weighted average number of stock options | 6,251 | 2,821 | 2,141 | ||||||||||||||
Convertible senior notes (1) | — | 6,206 | — | ||||||||||||||
| Weighted average number of RSUs | 1,033 | 417 | 116 | ||||||||||||||
| Weighted average ESPP purchase options | 20 | 7 | 13 | ||||||||||||||
| Total | 7,304 | 9,451 | 2,270 | ||||||||||||||
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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.