WABASH NATIONAL CorpWNC

WABASH NATIONAL Corp Earnings Per Share Disclosure

10-KFiled Feb 18, 20262 min read
NET INCOME (LOSS) PER SHARE OF COMMON STOCK
Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net income (loss) attributable to common stockholders per share is determined using net income (loss) applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). Due to the net loss applicable to common stockholders, 235 and 548 shares, respectively of potentially dilutive securities are not included in diluted weighted average common shares outstanding for the year ended December 31, 2025 and December 31, 2024, because to do so would be antidilutive for this period.
Year Ended December 31,
202520242023
Basic net income (loss) attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$211,451 $(284,071)$231,252 
Weighted average common shares outstanding41,511 44,359 47,011 
Basic net income (loss) attributable to common stockholders per share$5.09 $(6.40)$4.92 
Diluted net income (loss)attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$211,451 $(284,071)$231,252 
Weighted average common shares outstanding41,511 44,359 47,011 
Dilutive stock options and restricted stock235 — 1,019 
Diluted weighted average common shares outstanding41,746 44,359 48,030 
Diluted net income (loss) attributable to common stockholders per share$5.07 $(6.40)$4.81 
For the years ended December 31, 2025, 2024, and 2023, there were no options excluded from average diluted shares outstanding as the average market price of the common shares was greater than the exercise price.

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.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance