Annual report pursuant to Section 13 and 15(d)

Earnings per Share

v3.24.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Share

12. EARNINGS PER SHARE

The calculation of earnings per share ("EPS") for our Class A common stock is as follows:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

Net (loss) income attributable to ProFrac Holding Corp.

 

$

(97.7

)

 

$

91.5

 

Adjust Series A preferred stock to its maximum redemption value

 

 

(9.8

)

 

 

—

 

Net (loss) income used for basic earning per Class A common share

 

 

(107.5

)

 

 

91.5

 

Net loss reallocated to dilutive Class A common shares

 

 

—

 

 

 

0.2

 

Net (loss) income used for diluted earnings per Class A common share

 

$

(107.5

)

 

$

91.7

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average Class A common shares

 

 

130.9

 

 

 

44.3

 

Dilutive potential of employee restricted stock units

 

 

—

 

 

 

0.2

 

Weighted average Class A common shares — diluted

 

 

130.9

 

 

 

44.5

 

 

 

 

 

 

 

 

Basic and diluted (loss) earnings per Class A common share

 

$

(0.82

)

 

$

2.06

 

The basic and diluted earnings per share (“EPS”) for the year ended December 31, 2022, represents only the period from the IPO date of May 17, 2022, to December 31, 2022, which represents the period wherein the Company had outstanding Class A common stock.

The dilutive potential of employee restricted stock units was calculated using the treasury stock method. At December 31, 2023, there were 0.2 million common stock equivalents related to employee restricted stock units that were not included in diluted earnings per share because the effect of their inclusion would be antidilutive.

The dilutive potential of our Preferred Stock is calculated using the if-converted method. At December 31, 2023, there were 2.5 million common stock equivalents related to Preferred Stock that were not included in diluted earnings per share because the effect of their inclusion would be antidilutive.