US ENERGY CORP Earnings Per Share Disclosure
12. INCOME (LOSS) PER SHARE
Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net income (loss) per common share is calculated by dividing adjusted net income (loss) by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and unvested shares of restricted common stock, which are measured using the treasury stock method. When the Company recognizes a net loss, as was the case for the years ended December 31, 2025 and 2024, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share.
The following table sets forth the calculation of basic and diluted net income (loss) per share for the years ended December 31, 2025 and 2024:
| 2025 | 2024 | |||||||
| (in thousands except per share data) | ||||||||
| Net income (loss) attributable to common shareholders | $ | (14,374 | ) | $ | (25,633 | ) | ||
| Basic weighted-average common shares outstanding | 33,820 | 26,720 | ||||||
| Dilutive effect of potentially dilutive securities | - | - | ||||||
| Diluted weighted-average common shares outstanding | 33,820 | 26,720 | ||||||
| Basic net loss per share | $ | (0.43 | ) | $ | (0.96 | ) | ||
| Diluted net loss per share | $ | (0.43 | ) | $ | (0.96 | ) | ||
For the years ended December 31, 2025 and 2024, potentially dilutive securities were excluded from the calculation of weighted average shares because they were anti-dilutive are as follows:
| 2025 | 2024 | |||||||
| (in thousands) | ||||||||
| Stock options | 17 | 22 | ||||||
| Unvested shares of restricted stock | 1,429 | 1,451 | ||||||
| Total | 1,446 | 1,473 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2019 | Mar 30, 2020 | |
| 2018 | Sep 16, 2019 | |
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.