We calculate basic earnings per share by dividing net income (loss) attributable to Civeo Corporation by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed based on the basic shares outstanding plus the effect of dilutive potential common shares outstanding.

We use the treasury-stock method to determine the potential dilutive effect of our outstanding share-based awards and the if-converted method to determine the potential dilutive effect of the Convertible Notes. For diluted earnings per share, the Convertible Notes are assumed to have been converted at the beginning of the reporting period or, if issued during the period, on their respective issuance dates. When the Convertible Notes are included in diluted earnings per share, the numerator is adjusted to add back interest expense, net of the related income tax effect, including amortization of debt issuance costs.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Basic net income (loss) attributable to Civeo Corporation common shareholders	$	5,179	$	(455)	$	(1,150)	$	(13,611)
Add: Tax adjusted interest expense related to the Convertible Notes	—		—		—		—
Diluted net income (loss) attributable to Civeo Corporation common shareholders	$	5,179	$	(455)	$	(1,150)	$	(13,611)

Denominator:
Weighted average number of common shares outstanding - basic	10,357		12,395		10,800		13,053
Dilutive shares - share-based awards	22		—		—		—
Dilutive shares - Convertible Notes	—		—		—		—
Weighted average number of common shares outstanding - diluted	10,379		12,395		10,800		13,053

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	0.50	$	(0.04)	$	(0.11)	$	(1.04)

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	0.50	$	(0.04)	$	(0.11)	$	(1.04)

For the three and nine months ended September 30, 2026, we excluded 2.6 million shares and 0.9 million shares, respectively, related to the assumed conversion of the Convertible Notes, from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive. The Convertible Notes were not outstanding during the three and nine months ended September 30, 2025.

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled less than 0.1 million shares and 0.1 million shares, respectively, for the three months ended September 30, 2026 and 2025. Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.1 million shares, respectively, for the nine months ended September 30, 2026 and 2025.