Volato Group, Inc. Earnings Per Share Disclosure
| Twelve Months Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Numerator: | |||||||||||
| Net income (loss) from continuing operations | $ | 854 | $ | (21,184) | |||||||
| Net income (loss) from discontinued operations | $ | 4,319 | $ | (19,461) | |||||||
| Denominator: | |||||||||||
| Weighted-average common shares outstanding, basic and diluted | 4,386,829 | 1,664,502 | |||||||||
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Warrants to purchase common stock | 1,161,195 | 1,161,195 | |||||||||
| 2024 convertible note and second, third and fourth tranche notes on an-converted basis | 2,522,355 | — | |||||||||
| Stock options outstanding | 17,703 | 18,614 | |||||||||
| Restricted stock units with performance and market conditions | 14,601 | 10,964 | |||||||||
| Total | 3,715,854 | 1,190,773 | |||||||||
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.