BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE
The Company is authorized to issue an unlimited number of Common Shares without par value, unlimited Preferred Shares issuable in series and unlimited Series A Preferred Shares. The Preferred Shares issuable in series will have the rights, privileges, restrictions and conditions assigned to the particular series upon the Board of Directors approving their issuance. The Series A Preferred Shares issuable are non-redeemable, non-callable, non-voting and have no right to dividends.
The following is a reconciliation of weighted average common shares outstanding (in thousands):
| | | | | | | | | | | | | | | | | |
| Years Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Issued shares at beginning of period | 198,667 | | | 162,659 | | | 157,683 | |
| Effect of shares issued for: | | | | | |
| Stock options exercised | 147 | | | 48 | | | 106 | |
| Settlement of vesting of restricted stock units | 376 | | | 236 | | | 290 | |
| Settlement of exercises of stock appreciation rights | 1 | | | 85 | | | 120 | |
| Consulting services | 4 | | | — | | | 42 | |
| ATM program | 25,529 | | | 692 | | | 866 | |
| Acquisition of intangible assets | — | | | 121 | | | — | |
| Joint venture interests | — | | | 186 | | | — | |
| Acquisition of Base Resources | — | | | 7,937 | | | — | |
| Weighted average common shares outstanding | 224,724 | | | 171,964 | | | 159,107 | |
The calculation of basic and diluted income (loss) per share after adjustment for the effects of all potential dilutive common shares, calculated as follows:
| | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Net income (loss) attributable to Energy Fuels Inc. | $ | (85,634) | | | $ | (47,765) | | | $ | 99,862 | |
| | | | | |
| Basic weighted average common shares outstanding | 224,724 | | | 171,964 | | | 159,107 | |
| Dilutive impact of stock options and restricted stock units | — | | | — | | | 1,047 | |
| Diluted weighted average common shares outstanding | 224,724 | | | 171,964 | | | 160,154 | |
| | | | | |
| Basic net income (loss) per common share | $ | (0.38) | | | $ | (0.28) | | | $ | 0.63 | |
| Diluted net income (loss) per common share | $ | (0.38) | | | $ | (0.28) | | | $ | 0.62 | |
For the years ended December 31, 2025, 2024 and 2023, a weighted average of 4.19 million, 1.96 million and 0.11 million, respectively, stock options and RSUs have been excluded from the calculation of diluted net income (loss) per common share as their effect would have been anti-dilutive. In addition, the Company excluded SARs of 1.00 million, 1.02 million, and 1.85 million for the years ended December 31, 2025, 2024 and 2023, respectively as they are contingently issuable based on specified market prices of the Company’s Common Shares, which were not achieved as of the end of each period. Additionally, for the years ended December 31, 2025 and 2024, a weighted average of 0.07 million and 0.19 million respectively, Common Shares contingently issuable upon achieving the initial production milestone as part of the Company’s acquisition of RadTran that have been excluded from the calculation of diluted net income (loss) per common share as their effect would have been anti-dilutive. Additionally, for the year ended December 31, 2025, 34.42 million Common Shares have been excluded that would be issuable upon conversion of the Notes. See Note 3 – Transactions for more information.