We calculate our basic earnings per share by dividing net income (loss) attributable to Civeo Corporation by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities.

The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Basic net loss attributable to Civeo Corporation	$	(2,521)	$	(3,314)	$	(6,329)	$	(13,156)
Diluted net loss attributable to Civeo Corporation	$	(2,521)	$	(3,314)	$	(6,329)	$	(13,156)

Denominator:
Weighted average shares outstanding - basic	10,930		13,177		11,025		13,387
Dilutive shares - share-based awards	—		—		—		—
Weighted average shares outstanding - diluted	10,930		13,177		11,025		13,387

Basic net loss per share attributable to Civeo Corporation common shareholders (1)	$	(0.23)	$	(0.25)	$	(0.57)	$	(0.98)

Diluted net loss per share attributable to Civeo Corporation common shareholders (1)	$	(0.23)	$	(0.25)	$	(0.57)	$	(0.98)

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.2 million shares and 0.1 million shares, respectively, for the three months ended June 30, 2026 and 2025. Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.1 million shares, respectively, for the six months ended June 30, 2026 and 2025.