| Schedule of Basic and Diluted Earnings Per Share |
The basic and diluted EPS are calculated as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | 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. (2)The effect related to the company’s convertible debt and certain warrant and stock-based compensation awards have been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
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