SI-BONE, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||||||
Net loss | $ | (18,904) | $ | (30,913) | $ | (43,336) | ||||||||||||||
Weighted-average shares used to compute basic and diluted net loss per share | 42,959,856 | 41,466,564 | 38,427,419 | |||||||||||||||||
Net loss per share, basic and diluted | $ | (0.44) | $ | (0.75) | $ | (1.13) | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Stock options | 803,172 | 1,041,131 | 1,188,708 | ||||||||||||||
Restricted stock units | 2,702,038 | 2,495,181 | 2,284,912 | ||||||||||||||
ESPP purchase rights | 82,805 | 145,509 | 102,172 | ||||||||||||||
Common stock warrants | 11,100 | 78,459 | 85,139 | ||||||||||||||
| 3,599,115 | 3,760,280 | 3,660,931 | |||||||||||||||
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.