| Earnings Per Share |
Basic earnings per share (“EPS”) is calculated by dividing net loss attributable to the common shares of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated the same but adjusts the weighted average number of common shares outstanding during the period for the effect of potentially dilutive securities, including restricted stock awards, Class B common stock, and Class M Units. In connection with the June 11, 2026 IPO, the Company reorganized the membership structure. ER Holdings' current capital structure is not reflective of the capital structure of Enchanted Rock Holdings, LLC prior to the IPO. Therefore, earnings per share for the three and six months ended June 30, 2026, has been calculated based solely on the post-IPO period, as earnings per share is not meaningful for the period from January 1, 2026 to June 10, 2026, due to the different capital structure. The following table summarizes the basic and diluted earnings per common share calculations:
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|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands, except share and per share amounts) |
|
2026 |
|
|
2026 |
|
Basic: |
|
|
|
|
|
|
Net loss |
|
$ |
(67,719 |
) |
|
$ |
(84,931 |
) |
Less: Net loss applicable to pre-IPO period |
|
|
(52,836 |
) |
|
|
(70,048 |
) |
Post-IPO Net loss |
|
|
(14,883 |
) |
|
|
(14,883 |
) |
Less: Net loss attributable to noncontrolling interest |
|
|
(11,900 |
) |
|
|
(11,900 |
) |
Net loss attributable to ERock, Inc. |
|
|
(2,983 |
) |
|
|
(2,983 |
) |
Less: Deemed dividend related to Series A preferred shares |
|
|
— |
|
|
|
— |
|
Net loss attributable to common shares - Basic |
|
|
(2,983 |
) |
|
|
(2,983 |
) |
Weighted average number of common shares outstanding - Basic |
|
|
48,174,023 |
|
|
|
48,174,023 |
|
Basic net loss per common share |
|
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
Diluted: |
|
|
|
|
|
|
Net loss attributable to common shares - Basic |
|
$ |
(2,983 |
) |
|
$ |
(2,983 |
) |
Net loss available to common shareholders - Diluted |
|
|
(2,983 |
) |
|
|
(2,983 |
) |
Weighted average number of common shares outstanding - Basic |
|
|
48,174,023 |
|
|
|
48,174,023 |
|
Add: Potentially dilutive securities |
|
|
|
|
|
|
Restricted Stock Shares - 2026 Equity Incentive Plan |
|
Anti-dilutive |
|
|
Anti-dilutive |
|
Class B Common Stock |
|
Anti-dilutive |
|
|
Anti-dilutive |
|
Class M Units (Class A equivalent) |
|
Anti-dilutive |
|
|
Anti-dilutive |
|
Weighted average number of common shares outstanding - Diluted |
|
|
48,174,023 |
|
|
|
48,174,023 |
|
Diluted net loss per common share |
|
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
The following potentially dilutive securities were excluded from the diluted weighted average share calculation because their effect would have been anti-dilutive given the Company’s net loss position:
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Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2026 |
|
Restricted Stock Shares - 2026 Equity Incentive Plan |
|
|
1,028,417 |
|
|
|
1,028,417 |
|
Class B Common Stock |
|
|
171,226,057 |
|
|
|
171,226,057 |
|
Class M Units (Class A equivalent) |
|
|
52,372,703 |
|
|
|
52,372,703 |
|
|