PROASSURANCE CORPPRA

PROASSURANCE CORP Earnings Per Share Disclosure

10-KFiled Feb 23, 20261 min read
Earnings (Loss) Per Share
Diluted weighted average shares is calculated as basic weighted average shares plus the effect, calculated using the treasury stock method, of assuming that restricted share units and performance share units have vested. The following table provides a reconciliation between the Company's basic weighted average number of common shares outstanding to its diluted weighted average number of common shares outstanding:
(In thousands, except per share data)Year Ended December 31
202520242023
Weighted average number of common shares outstanding, basic51,341 51,097 52,642 
Dilutive effect of securities:
Restricted Share Units213 127 120 
Performance Share Units115 42 26 
Weighted average number of common shares outstanding, diluted51,669 51,266 52,788 
Effect of dilutive shares on earnings (loss) per share$— $— $— 
There were no antidilutive common share equivalents for the year ended December 31, 2025. The diluted weighted average number of common shares outstanding for the years ended December 31, 2024 and 2023 excluded approximately 158,000 and 118,000, respectively, of common share equivalents issuable under the Company's stock compensation plans, as their effect would have been antidilutive.
Dilutive common share equivalents are reflected in the earnings (loss) per share calculation while antidilutive common share equivalents are not reflected in the earnings (loss) per share calculation. For the year ended December 31, 2023, all incremental common share equivalents were not included in the computation of diluted earnings (loss) per share because to do so would have been antidilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2019Feb 20, 2020
2018Feb 21, 2019
2017Feb 21, 2018
2016Feb 23, 2017
2015Feb 23, 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 TaxesFair ValueGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs PerformanceNEO Compensation Adjustments