PTC THERAPEUTICS, INC. Earnings Per Share Disclosure
9. Net income (loss) per share
Basic and diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding.
The following table sets forth the computation of basic and diluted net income (loss) per share for common stockholders:
Year ended December 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Numerator: | |||||||||
Net income (loss), basic | $ | 682,644 | | $ | (363,295) | | $ | (626,604) | |
Add: Interest expense, net of tax, on the Company's 2026 Convertible Notes | 4,370 | — | — | ||||||
Net income (loss), diluted | $ | 687,014 | $ | (363,295) | $ | (626,604) | |||
Denominator: | | ||||||||
Weighted-average number of shares outstanding, basic |
| 79,534,290 | |
| 76,845,055 | |
| | |
Effect of dilutive securities: | |||||||||
Common stock issuable under the Company's equity incentive plans | 3,303,089 | — | — | ||||||
Common stock issuable under the Company's 2026 Convertible Notes | 5,474,115 | — | — | ||||||
Weighted-average common shares outstanding, diluted | 88,311,494 | 76,845,055 | |||||||
Net income (loss) per common share, basic | $ | 8.58 | $ | (4.73) | * | $ | (8.37) | * | |
Net income (loss) per common share, diluted | $ | 7.78 | $ | (4.73) | * | $ | (8.37) | * | |
* | For the years ended December 31, 2024, and 2023, the Company experienced a net loss and therefore did not report any dilutive share impact. |
The following table shows historical common shares outstanding, which are not included in the above historical calculation, as the effect of their inclusion is anti-dilutive during each period. The anti-dilutive shares are calculated as the unweighted outstanding shares as of the reporting period end date that are antidilutive using the treasury stock method.
For the years ended December 31, 2024 and 2023 all stock options and unvested restricted stock units were anti-dilutive because the Company experienced a net loss.
As of December 31, | ||||||
| 2025 | | 2024 | | 2023 | |
Stock options | 1,922,316 | 8,482,489 | 9,600,399 | |||
Unvested restricted stock units |
| 52,725 |
| 3,527,575 |
| 2,866,270 |
Unvested performance based restricted stock units | 144,809 | — | — | |||
Total |
| 2,119,850 |
| 12,010,064 |
| 12,466,669 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 6, 2018 | |
| 2016 | Mar 16, 2017 | |
| 2015 | Feb 29, 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.