Basic net income per share is calculated by dividing income allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards including restricted stock, stock options, stock appreciation rights and notional stock units, and a warrant. For further details, refer to Note 16, Stockholders’ Equity. No dilutive effect is recognized in a period in which a net loss has occurred.

On November 7, 2024, Centrus issued $402.5 million aggregate principal amount 2.25% Convertible Notes due 2030. On August 18, 2025, Centrus issued $805.0 million aggregate principal amount 0% Convertible Notes due 2032. The dilutive impact of both the 2.25% Convertible Notes and 0% Convertible Notes on the calculation of diluted income per share is considered using the if-converted method. However, because the principal amount of the 2.25% Convertible Notes and 0% Convertible Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the 2.25% Convertible Notes and 0% Convertible Notes. For further details, refer to Note 8, Debt.

The weighted average number of common and common equivalent shares and the calculation of basic and diluted income per common share are as follows:


	Year Ended December 31,
	2025		2024		2023
Numerator (in millions):
Net income	$	77.8	$	73.2	$	84.4





Denominator (in thousands):
Average common shares outstanding - basic	17,967		16,309		15,212
Potentially dilutive shares related to equity-compensation awards	58		64		289
Potentially dilutive shares related to 2.25% Convertible Notes	1,900		—		—
Potentially dilutive shares related to 0% Convertible Notes	—		—		—
Average common shares outstanding - diluted	19,925		16,373		15,501

Net income per common share (in dollars):
Basic	$	4.33	$	4.49	$	5.55
Diluted	$	3.90	$	4.47	$	5.44

0% Convertible Notes (if-converted) excluded from the diluted calculation because they would have been antidilutive (in thousands)	951		$	—	$	—