Progyny, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Basic net income per common share: | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | 58,520 | $ | 54,336 | $ | 62,037 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares used in computing basic net income per share | 85,651,721 | 91,481,995 | 95,021,175 | ||||||||||||||
| Basic net income per share | $ | 0.68 | $ | 0.59 | $ | 0.65 | |||||||||||
| Diluted net income per common share: | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | 58,520 | $ | 54,336 | $ | 62,037 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares used in computing basic net income per share | 85,651,721 | 91,481,995 | 95,021,175 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Options to purchase common stock | 3,173,427 | 3,499,412 | 4,813,004 | ||||||||||||||
| Shares issuable under ESPP | 60 | 9,553 | 804 | ||||||||||||||
| Warrants to purchase common stock | — | 177,292 | 458,537 | ||||||||||||||
| Restricted stock units | 1,036,635 | 280,105 | 378,879 | ||||||||||||||
| Total effect of dilutive securities | 4,210,122 | 3,966,362 | 5,651,224 | ||||||||||||||
| Weighted-average shares used in computing diluted net income per share | 89,861,843 | 95,448,357 | 100,672,399 | ||||||||||||||
| Diluted net income per share | $ | 0.65 | $ | 0.57 | $ | 0.62 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Options to purchase common stock | 14,928,938 | 13,868,635 | 11,901,773 | ||||||||||||||
| Shares issuable under ESPP | 2,513 | 4,022 | 919 | ||||||||||||||
| Restricted stock units | 1,136,803 | 2,118,102 | 1,111,634 | ||||||||||||||
| Total potential dilutive shares | 16,068,254 | 15,990,759 | 13,014,326 | ||||||||||||||
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.