v3.26.1
Earnings Per Share
6 Months Ended
Jun. 30, 2026
Earnings Per Share  
Earnings Per Share

Note 16. Earnings per Share

Westrock Series A Preferred Shares and our service-based RSUs issued under our 2022 Equity Plan are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as Common Shares. As participating securities, we include these instruments in the computation of earnings per share under the two-class method described in ASC 260 Earnings per Share (“ASC 260”).

The dilutive effect of Westrock Series A Preferred Shares and the Convertible Notes is calculated using the if-converted method, which assumes an add-back of any accretion on preferred shares and interest expense associated with the Convertible Notes to net income attributable to shareholders as if the securities were converted to Common Shares at the beginning of the reporting period (or at the time of issuance, if later), and the resulting Common Shares being included in the number of weighted-average units outstanding.

The dilutive effect of time-based option awards and RSUs is calculated using the treasury stock method, while performance-based awards are treated as contingently issuable.

The following potentially dilutive securities were excluded from the computation of diluted shares for the periods indicated because their inclusion would have an anti-dilutive effect on dilutive earnings (loss) per common share.

Three Months Ended June 30, 

Six Months Ended June 30, 

(Thousands)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Restricted stock units

1,120

1,947

1,271

2,147

Options

1,004

1,255

1,028

1,255

If-converted securities

37,651

34,671

40,952

34,568

The following table sets forth the computation of basic and diluted earnings per share under the two-class method for the periods indicated:

Three Months Ended June 30, 

Six Months Ended June 30, 

(Thousands, except per share data)

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Basic Earnings per Common Share

Numerator:

Net income (loss) attributable to common shareholders

$

(13,570)

$

(21,477)

$

(22,017)

$

(48,609)

Denominator:

Weighted-average common shares outstanding - basic

97,579

94,661

97,298

94,480

Basic earnings (loss) per common share

$

(0.14)

$

(0.23)

$

(0.23)

$

(0.51)

Diluted Earnings per Common Share

Numerator:

Net income (loss) attributable to common shareholders - basic

$

(13,570)

$

(21,477)

$

(22,017)

$

(48,609)

Net income (loss) attributable to common shareholders - diluted

$

(13,570)

$

(21,477)

$

(22,017)

$

(48,609)

Denominator:

Weighted-average common shares outstanding - basic

97,579

94,661

97,298

94,480

Weighted-average common shares outstanding - diluted

97,579

94,661

97,298

94,480

Diluted (loss) earnings per common share

$

(0.14)

$

(0.23)

$

(0.23)

$

(0.51)