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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
June 30, |
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Six Months Ended
June 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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$ |
(66.7 |
) |
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$ |
(2.9 |
) |
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$ |
(64.9 |
) |
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$ |
19.1 |
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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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— |
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(2.4 |
) |
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— |
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Net income (loss) used for basic earnings per Class A common share |
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(67.9 |
) |
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(2.9 |
) |
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(67.3 |
) |
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19.1 |
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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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$ |
(67.9 |
) |
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$ |
(2.9 |
) |
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$ |
(67.3 |
) |
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$ |
19.1 |
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Denominator: |
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Weighted average Class A common shares |
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160.0 |
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148.8 |
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159.7 |
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101.9 |
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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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0.2 |
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Weighted average Class A common shares — diluted |
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160.0 |
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148.8 |
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159.7 |
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102.1 |
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Basic and diluted earnings per Class A common share |
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$ |
(0.42 |
) |
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$ |
(0.02 |
) |
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$ |
(0.42 |
) |
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$ |
0.19 |
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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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— |
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2.6 |
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— |
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Employee restricted stock units which are antidilutive due to net loss position |
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0.1 |
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— |
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0.2 |
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— |
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Total antidilutive shares |
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2.8 |
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— |
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2.8 |
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— |
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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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