Prairie Operating Co. Earnings Per Share Disclosure
|
Year Ended December 31,
|
||||||||
|
2025
|
2024
|
|||||||
|
(In thousands, expect
share and per share
amounts)
|
||||||||
|
Basic and diluted:
|
||||||||
|
Net loss attributable to Prairie Operating Co. common stockholders
|
$
|
(60,907 |
)
|
$
|
(40,912 |
)
|
||
|
Net loss allocated to participating securities
|
— |
— |
||||||
|
Net loss attributable to Prairie Operating Co. common stockholders – basic and diluted
|
$
|
(60,907 |
)
|
$
|
(40,912 |
)
|
||
|
Weighted average shares outstanding – basic and diluted
|
45,232,756 |
15,453,502 |
||||||
|
Basic and diluted loss per share
|
$
|
(1.35 |
)
|
$
|
(2.65 |
)
|
||
| Year Ended December 31, |
||||||||
| 2025 |
2024 |
|||||||
|
Anti–dilutive securities:
|
||||||||
|
Merger Options (1)
|
4,966,666 |
— |
||||||
|
Restricted stock and performance stock units (2)
|
11,086,313 |
1,337,631 |
||||||
|
Common stock warrants (3)
|
186,009,872 |
8,494,177 |
||||||
|
Series D Preferred Stock
|
1,196,336 |
2,891,336 |
||||||
|
Series F Preferred Stock (4)
|
127,816,770 |
— |
||||||
|
Senior Convertible Note (5)
|
— |
1,444,353 |
||||||
| (1) | The Merger Options became exercisable upon the closing of the Bayswater Acquisition on March 26, 2025. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Merger Options. |
| (2) | As of December 31, 2025 and 2024, all of the restricted stock and performance stock units presented were unvested. Refer to Note 16 – Long–Term Incentive Compensation for a discussion of the restricted stock units and performance stock units. |
| (3) | Includes the maximum amount of Series F Preferred Stock Warrants as of December 31, 2025, which have not been issued as of December 31, 2025. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Series F Preferred Stock Warrants. |
| (4) | Assumes the maximum number of converted shares using the Alternative Conversion at the NASDAQ minimum floor price, as defined in the Series F Certificate of Designation, as of December 31, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock. |
| (5) | Reflects the conversion option of the $15.0 million Senior Convertible Note at 105% principal amount, pursuant to the SEPA. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note and Note 12 – Common Stock for a discussion of the SEPA. |
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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.