Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2025

Basic earnings per common share (“EPS”) is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents. Stock-based compensation awards that are out-of-the-money and stock options and restricted stock units in which the market-based performance criteria have not been met as of the end of the respective reporting period are omitted from the calculation of Diluted EPS.

The following table sets forth the computations of basic and diluted net income (loss) per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Numerator:
Net income (loss)	$	2,009	$	(48,858)	$	498	$	(47,305)
Net income from non-controlling interest	442		386		913		803
Net income (loss) attributable to controlling interest	$	1,567	$	(49,244)	$	(415)	$	(48,108)






Denominator:
Weighted average shares of common stock outstanding	16,225		15,097		16,057		15,829
Effect of dilutive common stock equivalents	284		—		—		—
Weighted average diluted common shares outstanding	16,509		15,097		16,057		15,829

Basic income (loss) per share	$	0.10	$	(3.26)	$	(0.03)	$	(3.04)




Diluted income (loss) per share	$	0.09	$	(3.26)	$	(0.03)	$	(3.04)

The Company had the following dilutive securities that were not included in the computation of diluted net income (loss) per share as they were considered anti-dilutive (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Stock options	3,258	6,541	5,801	8,232
Stock options with unsatisfied market conditions	1,296	1,176	1,236	1,149
Restricted stock units	404	364	467	371
Restricted stock units with unsatisfied market conditions	695	387	669	412
Restricted stock awards	32	117	134	118
Shares issued under stock bonus program	—	413	409	206
Shares expected to be issued under the 2021 Employee Stock Purchase Plan	56	36	56	36

Townsquare Media, Inc. 10-Q