Earnings Per Share

Basic and diluted (loss) earnings per share are calculated as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic (loss) earnings per share
Numerator:


Net (loss) income attributable to Albemarle Corporation	$	(510,628)	$	(1,179,449)	$	1,573,476
Mandatory convertible preferred stock dividends	(166,750)		(136,647)		—
Net (loss) income attributable to Albemarle Corporation common shareholders	$	(677,378)	$	(1,316,096)	$	1,573,476
Denominator:
Weighted-average common shares for basic (loss) earnings per share	117,664		117,516		117,317
Basic (loss) earnings per share	$	(5.76)	$	(11.20)	$	13.41
Diluted (loss) earnings per share
Numerator:


Net (loss) income attributable to Albemarle Corporation	$	(510,628)	$	(1,179,449)	$	1,573,476
Mandatory convertible preferred stock dividends	(166,750)		(136,647)		—
Net (loss) income attributable to Albemarle Corporation common shareholders	$	(677,378)	$	(1,316,096)	$	1,573,476
Denominator:
Weighted-average common shares for basic (loss) earnings per share	117,664		117,516		117,317

Incremental shares under stock compensation plans	—		—		449
Weighted-average common shares for diluted (loss) earnings per share	117,664		117,516		117,766
Diluted (loss) earnings per share	$	(5.76)	$	(11.20)	$	13.36

The following table summarizes the number of shares, calculated on a weighted average basis, not included in the computation of diluted (loss) earnings per share because their effect would have been anti-dilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023
Shares assuming the conversion of the mandatory convertible preferred stock	20,709	16,932	—
Shares under the stock compensation plan	1,413	1,064	158

Included in the calculation of basic (loss) earnings per share are unvested restricted stock awards that contain nonforfeitable rights to dividends. At December 31, 2025, there were 13,625 unvested shares of restricted stock awards outstanding.

We have the authority to issue 15,000,000 shares of preferred stock in one or more classes or series. As of December 31, 2025, 2,300,000 shares of preferred stock have been issued.

In November 2016, our Board of Directors authorized an increase in the number of shares the Company is permitted to repurchase under our share repurchase program, pursuant to which the Company is now permitted to repurchase up to a maximum of 15,000,000 shares, including those previously authorized but not yet repurchased.

There were no shares of the Company’s common stock repurchased during the years ended December 31, 2025, 2024 or 2023. As of December 31, 2025, there were 7,396,263 remaining shares available for repurchase under the Company’s authorized share repurchase program.