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NOTE 8. EARNINGS PER SHARE
The calculation of earnings per share ("EPS") for our Class A common stock is as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Numerator: |
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Net income (loss) attributable to ProFrac Holding Corp. |
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$ |
(45.2 |
) |
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$ |
(18.9 |
) |
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$ |
(110.1 |
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$ |
0.2 |
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Adjust Series A redeemable convertible preferred stock to its maximum redemption value |
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(1.2 |
) |
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(8.6 |
) |
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(3.6 |
) |
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(8.6 |
) |
Net income (loss) used for basic earnings per Class A common share |
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(46.4 |
) |
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(27.5 |
) |
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(113.7 |
) |
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(8.4 |
) |
Net income reallocated to dilutive Class A common shares |
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— |
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— |
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— |
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— |
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Net income (loss) used for diluted earnings per Class A common share |
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$ |
(46.4 |
) |
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$ |
(27.5 |
) |
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$ |
(113.7 |
) |
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$ |
(8.4 |
) |
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Denominator: |
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Weighted average Class A common shares |
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160.1 |
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159.4 |
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159.9 |
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121.3 |
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Dilutive potential of employee restricted stock units |
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— |
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— |
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— |
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— |
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Weighted average Class A common shares — diluted |
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160.1 |
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159.4 |
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159.9 |
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121.3 |
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Basic and diluted earnings per Class A common share |
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$ |
(0.29 |
) |
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$ |
(0.17 |
) |
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$ |
(0.71 |
) |
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$ |
(0.07 |
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Antidilutive shares: |
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Common stock equivalents related to Preferred Stock |
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2.7 |
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2.5 |
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2.6 |
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2.5 |
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Employee restricted stock units which are antidilutive due to net loss position |
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0.2 |
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0.2 |
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0.2 |
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0.2 |
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Total antidilutive shares |
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2.9 |
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2.7 |
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2.8 |
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2.7 |
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The dilutive potential of employee restricted stock units is calculated using the treasury stock method. The dilutive potential of our Series A redeemable convertible preferred stock, par value $0.01 per share (the "Preferred Stock") is calculated using the if-converted method.
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