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.


	Three Months Ended June 30,				Six Months Ended June 30, 2025
	2026		2025		2026		2025
Net income (loss) attributable to Green Plains	$	67,149	$	(72,238)	$	100,087	$	(145,144)
Weighted average shares outstanding - basic (1)	69,112		66,491		68,977		65,287
EPS - basic	$	0.97	$	(1.09)	$	1.45	$	(2.22)

EPS - diluted
Net income (loss) attributable to Green Plains	$	67,149	$	(72,238)	$	100,087	$	(145,144)
2.25% convertible notes due 2027	313		—		626		—
5.25% convertible notes due 2030	2,265		—		4,530		—
Net income (loss) attributable to Green Plains - diluted	$	69,727	$	(72,238)	$	105,243	$	(145,144)

Weighted average shares outstanding - basic	69,112		66,491		68,977		65,287
Effect of dilutive convertible debt:
2.25% convertible notes due 2027	1,897		—		1,897		—
5.25% convertible notes due 2030	12,723		—		12,723		—
Effect of dilutive stock-based compensation awards	762		—		784		—
Weighted average shares outstanding - diluted	84,494		66,491		84,381		65,287

EPS - diluted	$	0.83	$	(1.09)	$	1.25	$	(2.22)

Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (2)	—		7,938		—		7,857

(1)For the three and six months ended June 30, 2026, weighted average shares outstanding - basic includes the impact of 500,000 warrants outstanding as of June 30, 2026 that have an exercise price of $0.01. For the three and six months ended June 30, 2025, weighted average shares outstanding - basic includes the impact of 3.5 million warrants outstanding as of June 30, 2025 that have an exercise price of $0.01.