Southland Holdings, Inc. Earnings Per Share Disclosure
Note 22. Loss per Share
Basic and diluted net loss per share for the years ended December 31, 2025, 2024 and 2023, consisted of the following (in thousands, except shares and per share amounts):
Year Ended | Year Ended | Year Ended | |||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||
Numerator: | |||||||||
Net loss | $ | (308,363) | $ | (105,528) | $ | (18,715) | |||
Less net income (loss) attributable to noncontrolling interests | (1,823) | (163) | 538 | ||||||
Net loss attributable to common stockholders, basic and diluted | (306,540) | (105,365) | (19,253) | ||||||
Denominator: | |||||||||
Weighted average common shares outstanding — basic | 54,049,705 | 48,073,973 | 47,088,813 | ||||||
Weighted average common shares outstanding — diluted | 54,049,705 | 48,073,973 | 47,088,813 | ||||||
Net loss per share — basic | $ | (5.67) | $ | (2.19) | $ | (0.41) | |||
Net loss per share — diluted | $ | (5.67) | $ | (2.19) | $ | (0.41) | |||
As the average market price of common stock for the years ended December 31, 2025, 2024 and 2023, did not exceed the exercise price of the Warrants, the potential dilution from the Warrants converting into 14,385,500 shares of common stock for both periods have been excluded from the number of shares used in calculating diluted net loss per share as their inclusion would have been antidilutive. For the years ended December 31, 2025, 2024 and 2023, the potential dilution from unvested RSUs converting into 630,940, 449,409 and 173,333 shares of common stock, respectively, has been excluded from the number of shares used in calculating diluted net loss per share as their inclusion would have been antidilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
| 2023 | Mar 4, 2024 | |
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.