Playboy, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Numerator: | |||||||||||
| Net loss from continuing operations | $ | (79,397) | $ | (186,448) | |||||||
| Income from discontinued operations, net of tax | — | 6,030 | |||||||||
| Net loss attributable to PLBY Group, Inc. | $ | (79,397) | $ | (180,418) | |||||||
| Denominator: | |||||||||||
| Weighted average common shares outstanding - basic | 76,048,609 | 71,319,437 | |||||||||
| Dilutive potential common stock outstanding: | — | — | |||||||||
| Stock options and RSUs | — | — | |||||||||
| Weighted average common shares outstanding - diluted | 76,048,609 | 71,319,437 | |||||||||
| Basic loss per share from continuing operations | $ | (1.04) | $ | (2.60) | |||||||
| Basic income per share from discontinued operations | — | 0.07 | |||||||||
| Basic net loss per share | $ | (1.04) | $ | (2.53) | |||||||
| Diluted loss per share from continuing operations | $ | (1.04) | $ | (2.60) | |||||||
| Diluted income per share from discontinued operations | — | 0.07 | |||||||||
| Diluted net loss per share | $ | (1.04) | $ | (2.53) | |||||||
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options to purchase common stock | 1,997,466 | 2,291,328 | |||||||||
| Unvested restricted stock units | 3,660,581 | 3,214,910 | |||||||||
| Unvested performance-based restricted stock units | 243,424 | 707,655 | |||||||||
| Total | 5,901,471 | 6,213,893 | |||||||||
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.