| EARNINGS PER SHARE Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. The company computes diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities. The basic and diluted EPS are calculated as follows (in thousands): | | | | | | | | | | | | | Three Months Ended
March 31, | | 2026 | | 2025 | | Net income (loss) attributable to Green Plains | $ | 32,938 | | | $ | (72,906) | | | Weighted average shares outstanding - basic | 68,841 | | | 64,069 | | | EPS - basic | $ | 0.48 | | | $ | (1.14) | | | | | | | EPS - diluted | | | | | Net income (loss) attributable to Green Plains | $ | 32,938 | | | $ | (72,906) | | 2.25% convertible notes due 2027 | 313 | | | — | | 5.25% convertible notes due 2030 | 2,265 | | | — | | | Net income (loss) attributable to Green Plains - diluted | $ | 35,516 | | | $ | (72,906) | | | | | | | Weighted average shares outstanding - basic | 68,841 | | | 64,069 | | | Effect of dilutive convertible debt: | | | | 2.25% convertible notes due 2027 | 1,897 | | | — | | 5.25% convertible notes due 2030 | 12,723 | | | — | | | Effect of dilutive stock-based compensation awards | 674 | | | — | | | Weighted average shares outstanding - diluted | 84,135 | | | 64,069 | | | | | | | EPS - diluted | $ | 0.42 | | | $ | (1.14) | | | | | | Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1) | — | | | 7,775 | | | | | |
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