W&T OFFSHORE INC Earnings Per Share Disclosure
NOTE 13 — NET (LOSS) INCOME PER SHARE
The following table presents the calculation of basic and diluted net (loss) income per common share (in thousands, except per share amounts):
Year Ended December 31, | |||||||||
| 2024 |
| 2023 |
| 2022 | ||||
Net (loss) income | $ | (87,145) | $ | 15,598 | $ | 231,149 | |||
Weighted average common shares outstanding - basic |
| 147,133 |
| 146,483 |
| 143,143 | |||
Dilutive effect of securities | — | 1,819 | 1,947 | ||||||
Weighted average common shares outstanding - diluted | 147,133 | 148,302 | 145,090 | ||||||
Net (loss) income per common share: | |||||||||
Basic | $ | (0.59) | $ | 0.11 | $ | 1.61 | |||
Diluted | $ | (0.59) | $ | 0.11 | $ | 1.59 | |||
Shares excluded due to being anti-dilutive (1) | 4,069 | — | — | ||||||
(1) | Includes RSUs and the CROCE PSUs as their effect, if included would have been anti-dilutive. The TSR PSUs are not included as they are not likely to attain their applicable performance metric. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 4, 2025 | Showing above |
| 2017 | Mar 2, 2018 | |
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.