SunCoke Energy, Inc. Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Shares in millions) | |||||||||||||||||
| Weighted-average number of common shares outstanding-basic | 85.5 | 85.1 | 84.7 | ||||||||||||||
| Add: effect of dilutive share-based compensation awards | — | 0.2 | 0.2 | ||||||||||||||
| Weighted-average number of shares-diluted | 85.5 | 85.3 | 84.9 | ||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Shares in millions) | |||||||||||||||||
| Stock options | 0.4 | 0.6 | 1.2 | ||||||||||||||
| Restricted share units | 0.1 | — | — | ||||||||||||||
| Performance share units | 0.1 | 0.1 | — | ||||||||||||||
| Total | 0.6 | 0.7 | 1.2 | ||||||||||||||
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.