Pursuit Attractions & Hospitality, Inc. Earnings Per Share Disclosure
NOTE 12. INCOME (LOSS) PER SHARE |
The components of basic and diluted income (loss) per share for the years ended December 31, 2025, 2024, and 2023 are as follows:
|
|
Year Ended December 31, |
|
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(in thousands, except per share data) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Income (loss) from continuing operations |
|
$ |
38,517 |
|
|
$ |
(51,760 |
) |
|
$ |
14,349 |
|
Net income attributable to non-redeemable noncontrolling interests |
|
|
(13,641 |
) |
|
|
(6,557 |
) |
|
|
(7,836 |
) |
Net loss attributable to redeemable noncontrolling interests |
|
|
— |
|
|
|
1,258 |
|
|
|
401 |
|
Net income (loss) from continuing operations attributable to Pursuit |
|
|
24,876 |
|
|
|
(57,059 |
) |
|
|
6,914 |
|
Adjustment to allocation to participating securities |
|
|
— |
|
|
|
15,409 |
|
|
|
215 |
|
Dividends paid on convertible preferred stock |
|
|
— |
|
|
|
(7,801 |
) |
|
|
(7,801 |
) |
Net income (loss) from continuing operations allocated to Pursuit common stockholders (basic) |
|
|
24,876 |
|
|
|
(49,451 |
) |
|
|
(672 |
) |
(Loss) income from discontinued operations, net of tax |
|
|
(2,208 |
) |
|
|
425,603 |
|
|
|
9,103 |
|
Adjustment to allocation to participating securities |
|
|
— |
|
|
|
(101,112 |
) |
|
|
(2,208 |
) |
Net (loss) income from discontinued operations allocated to Pursuit common stockholders (basic) |
|
|
(2,208 |
) |
|
|
324,491 |
|
|
|
6,895 |
|
Net income allocated to Pursuit common stockholders |
|
$ |
22,668 |
|
|
$ |
275,040 |
|
|
$ |
6,223 |
|
|
|
|
|
|
|
|
|
|
|
|||
Basic weighted-average outstanding common shares |
|
|
28,198 |
|
|
|
21,419 |
|
|
|
20,855 |
|
Additional dilutive shares related to share-based compensation |
|
|
191 |
|
|
|
— |
|
|
|
— |
|
Diluted weighted-average outstanding common shares |
|
|
28,389 |
|
|
|
21,419 |
|
|
|
20,855 |
|
|
|
|
|
|
|
|
|
|
|
|||
Income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|||
Basic: |
|
|
|
|
|
|
|
|
|
|||
Continuing operations |
|
$ |
0.88 |
|
|
$ |
(2.31 |
) |
|
$ |
(0.03 |
) |
Discontinued operations |
|
|
(0.08 |
) |
|
|
15.15 |
|
|
|
0.33 |
|
Basic income attributable to Pursuit common stockholders: |
|
$ |
0.80 |
|
|
$ |
12.84 |
|
|
$ |
0.30 |
|
Diluted: |
|
|
|
|
|
|
|
|
|
|||
Continuing operations |
|
$ |
0.88 |
|
|
$ |
(2.31 |
) |
|
$ |
(0.03 |
) |
Discontinued operations |
|
|
(0.08 |
) |
|
|
15.15 |
|
|
|
0.33 |
|
Diluted income attributable to Pursuit common stockholders: |
|
$ |
0.80 |
|
|
$ |
12.84 |
|
|
$ |
0.30 |
|
The Company excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:
|
|
Year Ended December 31, |
|
|||||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Unvested performance share-based awards |
|
|
130 |
|
|
|
273 |
|
|
|
163 |
|
Stock options |
|
|
91 |
|
|
|
173 |
|
|
|
380 |
|
Unvested restricted share-based awards |
|
|
54 |
|
|
|
278 |
|
|
|
205 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
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.