Planet Fitness, Inc.PLNT

Planet Fitness, Inc. Earnings Per Share Disclosure

10-KFiled Feb 25, 20262 min read
Earnings per share
Basic earnings per share of Class A common stock is computed by dividing net income or loss attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to Planet Fitness, Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented. Shares of the Company’s Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related Holdings Units, are exchangeable into shares of Class A common stock on a one-for-one basis.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
Years Ended December 31,
(in thousands, except share and per share amounts)
202520242023
Numerator
Net income
$220,264 $174,243 $147,035 
Less: net income attributable to non-controlling interests
1,160 2,201 8,722 
Net income attributable to Planet Fitness, Inc. - basic & diluted
$219,104 $172,042 $138,313 
Denominator
Weighted-average shares of Class A common stock outstanding - basic83,518,664 85,621,282 84,896,397 
Effect of dilutive securities:
Stock options39,967 101,671 232,630 
Restricted stock units103,103 63,913 44,785 
Performance stock units64,091 40,571 11,106 
Weighted-average shares of Class A common stock outstanding - diluted83,725,825 85,827,437 85,184,918 
Earnings per share of Class A common stock - basic
$2.62 $2.01 $1.63 
Earnings per share of Class A common stock - diluted
$2.62 $2.00 $1.62 
The number of weighted-average common stock equivalents excluded from the computation of diluted net income per share because the effect would have been anti-dilutive were as follows:
Years Ended December 31,
202520242023
Class B common stock
326,625709,0673,735,109
Stock options6015,014248,647
Restricted stock units1861,8914,251
Performance stock units7062,3141,276
Total
328,118718,2863,989,283

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 25, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2019Feb 28, 2020
2018Mar 1, 2019
2017Mar 1, 2018
2016Mar 6, 2017
2015Mar 4, 2016

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

Income TaxesRevenuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance