The following table sets forth the computation of basic and diluted earnings per share (in millions, except share and per share data) for the three and six months ended June 30:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator for basic and diluted earnings per share:
Net loss	$	(95.9)	$	(147.9)	$	(412.9)	$	(309.9)
Denominator for earnings per share:
Weighted average number of basic and diluted common shares outstanding	87,586,284		86,797,123		87,292,705		86,613,896
Earnings per share in net loss:
Basic and diluted	$	(1.09)	$	(1.70)	$	(4.73)	$	(3.58)

Stock-based compensation expense (benefit) is included within general and administrative expense in the unaudited condensed consolidated statements of operations. For the three months ended June 30, 2026 and 2025, stock-based compensation expense totaled $7.6 million of expense in both periods. For the six months ended June 30, 2026 and 2025, stock-based compensation expense totaled $45.4 million of expense and $13.3 million of benefit, respectively.

During the three months ended June 30, 2026, all 2,000,000 outstanding warrants issued in connection with the Company's July 2024 C-Corp conversion were exercised. As a result, the Company reclassified approximately $7.8 million from warrant equity to common stock and additional paid-in capital. As of June 30, 2026, no warrants to purchase common stock of Calumet, Inc. remain outstanding.