STEM, INC. Earnings Per Share Disclosure
Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
Numerator - Basic and Diluted: | |||||||||||||||||
| Net loss attributable to common stockholders, basic and diluted | $ | (854,014) | $ | (140,413) | $ | (124,054) | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted | 161,442,542 | 155,583,957 | 153,413,743 | ||||||||||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (5.29) | $ | (0.90) | $ | (0.81) | |||||||||||
| December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| Outstanding 2028 Convertible Notes | 10,157,181 | 10,157,181 | 15,730,390 | ||||||||||||||
| Outstanding 2030 Convertible Notes | 33,673,584 | 33,673,584 | — | ||||||||||||||
| Outstanding stock options | 8,552,283 | 9,011,616 | 8,243,637 | ||||||||||||||
| Outstanding warrants | 2,533 | 2,533 | 2,533 | ||||||||||||||
| Outstanding RSUs | 12,284,292 | 11,159,272 | 6,719,490 | ||||||||||||||
Total | 64,669,873 | 64,004,186 | 30,696,050 | ||||||||||||||
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.