Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.23.3
Earnings per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings per Share

NOTE 14. EARNINGS PER SHARE

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

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to ProFrac Holding Corp.

 

$

(24.5

)

 

$

44.0

 

 

$

(5.4

)

 

$

50.6

 

Adjust Series A preferred stock to its maximum redemption value

 

 

(8.6

)

 

 

—

 

 

 

(8.6

)

 

 

—

 

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

 

 

(33.1

)

 

 

44.0

 

 

 

(14.0

)

 

 

50.6

 

Net loss reallocated to dilutive Class A common shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

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

 

$

(33.1

)

 

$

44.0

 

 

$

(14.0

)

 

$

50.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A common shares

 

 

159.4

 

 

 

41.2

 

 

 

121.3

 

 

 

40.8

 

Dilutive potential of employee restricted stock units

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Weighted average Class A common shares — diluted

 

 

159.4

 

 

 

41.3

 

 

 

121.3

 

 

 

40.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(0.21

)

 

$

1.07

 

 

$

(0.12

)

 

$

1.24

 

 

The dilutive potential of employee restricted stock units was calculated using the treasury stock method. At September 30, 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 September 30, 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.