22nd Century Group, Inc. Earnings Per Share Disclosure
NOTE 15. – EARNINGS (LOSS) PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2025 and 2024, respectively:
Year Ended | ||||||
December 31, | ||||||
| 2025 | | 2024 | |||
(in thousands, except for per-share data) | ||||||
Net loss from continuing operations | $ | (13,117) | $ | (15,495) | ||
Net income from discontinued operations | 8,063 | 331 | ||||
Net loss | (5,054) | (15,164) | ||||
Deemed dividends | (4,679) | (10,303) | ||||
Net loss available to common shareholders | $ | (9,733) | $ | (25,467) | ||
Weighted average common shares outstanding - basic and diluted | 184,067 | 557 | ||||
Basic and diluted loss per common share from continuing operations | $ | (71.26) | $ | (27,812.56) | ||
Basic and diluted income per common share from discontinued operations | 43.81 | 594.83 | ||||
Basic and diluted loss per common share from deemed dividends | (25.42) | (18,493.32) | ||||
Basic and diluted loss per common share | $ | (52.87) | $ | (45,711.05) | ||
Anti-dilutive shares are as follows as of December 31: | ||||||
Warrants (excluding pre-funded) | 739,175 | 74,628 | ||||
Options | 72,973 | — | ||||
Restricted stock units | 24,334 | — | ||||
836,482 | 74,628 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 20, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 9, 2023 | |
| 2021 | Mar 1, 2022 | |
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.