Surgery Partners, Inc.SGRY

Surgery Partners, Inc. Earnings Per Share Disclosure

10-KFiled Mar 2, 20262 min read
Earnings Per Share
Basic and diluted earnings (loss) per share is calculated based on the weighted-average number of shares outstanding in each period and dilutive stock options, unvested shares and warrants, to the extent such securities exist and have a dilutive effect on earnings (loss) per share. A reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share follows (dollars in millions, except per share amounts; shares in thousands):
Year Ended December 31,
202520242023
Numerator:
Net loss attributable to Surgery Partners, Inc.$(77.9)$(168.1)$(11.9)
Denominator:
Weighted average common shares outstanding:
Basic127,209 126,122 125,613 
Diluted (1)
127,209 126,122 125,613 
Net loss per share attributable to common stockholders:
Basic$(0.61)$(1.33)$(0.09)
Diluted (1)
$(0.61)$(1.33)$(0.09)
Dilutive securities outstanding not included in the computation of diluted loss per share as their effect is antidilutive:
Stock options407 1,133 1,246 
Restricted shares512 372 263 
(1)The impact of potentially dilutive securities for all periods was not considered because the effect would be anti-dilutive.
Share Repurchase Authorization
On December 15, 2017, the Company's Board of Directors authorized a share repurchase program of up to $50.0 million of the Company's issued and outstanding common stock from time to time. The authorization does not have a specified expiration date, and the share repurchase program may be suspended, recommenced or discontinued at any time or from time to time without prior notice. At December 31, 2025, the Company had $46.0 million of repurchase authorization available under the December 2017 authorization. The authorization does not obligate the Company to repurchase any shares, and the Company does not intend to make further repurchases.
On February 26, 2026, our Board of Directors authorized a share repurchase program of up to $200.0 million. The share repurchase program authorized on February 26, 2026 replaced the previous program.

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Mar 7, 2025
2023Feb 26, 2024
2022Mar 1, 2023
2021Mar 1, 2022
2020Mar 10, 2021
2019Mar 13, 2020
2018Mar 15, 2019
2017Mar 16, 2018
2016Mar 10, 2017
2015Mar 11, 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

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