Equity and EPS

6 Months Ended

Jun. 30, 2025

The following table presents computations of basic and diluted EPS:


	Quarter Ended June 30,				Year to Date Ended June 30,
	2025		2024		2025		2024
Operations:
Net income(a)	$	14,427	$	32,017	$	11,370	$	52,601
Net loss (income) attributable to noncontrolling interest	(1)		68		32		119
Income attributable to participating securities (unvested shares and units)(b)	(159)		(347)		(127)		(572)
Net income used in EPS calculation	$	14,267	$	31,738	$	11,275	$	52,148

Share information:
Basic weighted average common shares(c)	21,360,984		22,119,227		21,351,809		22,130,752

Diluted weighted average common shares(d)	21,360,984		22,119,227		21,351,809		22,130,752

Basic EPS	$	0.67	$	1.43	$	0.53	$	2.36
Diluted EPS	$	0.67	$	1.43	$	0.53	$	2.36

(a)Net income attributable to all stockholders.

(b)Participating securities included 222,462 and 243,243 unvested restricted stock units (“RSUs”) at June 30, 2025 and 2024, respectively.

(c)Under the two-class method, basic weighted average common shares exclude unvested participating securities.

(d)The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.24 per share.

Share Repurchase. On February 29, 2024, the Company announced that its Board of Directors approved a $100,000 share repurchase program. Under the share repurchase program, the Company can repurchase stock from time to time for cash in open market purchases, privately negotiated transactions, or by other means, in accordance with applicable securities laws and other legal requirements. The repurchase program has no expiration date and may be modified, suspended, or discontinued at any time by the Company without prior notice. During the quarter and year to date ended June 30, 2025, the Company repurchased no shares under the share repurchase program. During the quarter and year to date ended June 30, 2024, the Company repurchased approximately 33,363 and 92,447 shares, respectively, of Company Stock for approximately $2,500 and $7,500, respectively. As of June 30, 2025, there was approximately $53,412 remaining under the share repurchase program.

Common Stock Share Activity. The following table presents the Company’s share activity:


	Shares Outstanding
	Capital Stock Preferred	Common Stock
Balance, December 31, 2024	437	21,194,707
Issuance of Common Stock	—	107,267
Repurchase of Common Stock (b)	—	(31,631)
Balance, March 31, 2025	437	21,270,343
Issuance of Common Stock	—	21,099
Repurchase of Common Stock	—	—
Balance, June 30, 2025	437	21,291,442


	Shares Outstanding
	Capital Stock Preferred	Common Stock
Balance, December 31, 2023	437	22,016,113
Issuance of Common Stock	—	74,913
Repurchase of Common Stock (a)	—	(81,969)
Balance, March 31, 2024	437	22,009,057
Issuance of Common Stock	—	14,627
Repurchase of Common Stock(a)	—	(35,999)
Balance, June 30, 2024	437	21,987,685

(a)59,084 and 33,363 shares that were repurchased during the quarters ended March 31, 2024 and June 30, 2024, respectively, pursuant to the Company’s share repurchase program. The remaining shares repurchased were related to the tax withholding on equity-based compensation.

(b)The Common Stock repurchases were for tax withholding on equity-based compensation.

- Definition

The entire disclosure for equity.

+ References

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+ Details

MGP INGREDIENTS INC 10-Q