Basic earnings per share is calculated using the weighted average number of shares of the Company’s common stock issued and outstanding during a certain period, and is calculated by dividing net income attributable to Astrana by the weighted average number of shares of the Company’s common stock issued and outstanding during such period. Diluted earnings per share is calculated using the weighted average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period, using the as-if converted method for secured convertible notes, preferred stock, and the treasury stock method for options and common stock warrants. The non-controlling interests in APC are allocated their share of Astrana’s income from APC’s ownership of Astrana common stock and this is included in the net income (loss) attributable to non-controlling interests on the consolidated statements of income. Therefore, none of the shares of Astrana held by APC are considered outstanding for the purposes of basic or diluted earnings per share computation.

As of December 31, 2024, 2023, and 2022, APC held 7,132,698, 7,132,698, and 10,299,259 shares of Astrana’s common stock, respectively, which are treated as treasury shares for accounting purposes and not included in the number of shares of common stock outstanding used to calculate earnings per share.

For the years ended December 31, 2024, 2023, and 2022, restricted stock of 29,753, 186,290, and 133,480, respectively, were excluded from the computation of diluted weighted average common shares outstanding because the assumed proceeds, as calculated under the treasury stock method, resulted in these awards being anti-dilutive.

For the years ended December 31, 2024, 2023, and 2022, contingently issuable shares of 1,250,413, 782,484, and 245,478, respectively, were excluded from the computation of diluted weighted average common shares outstanding because these conditions were not achieved as of December 31, 2024, 2023, and 2022, as applicable.

For the years ended December 31, 2024, 2023, and 2022, stock options of 155,990, 175,478, and 188,761, respectively, were excluded from the computation of diluted weighted average common shares outstanding because the assumed proceeds, as calculated under the treasury stock method, resulted in these awards being antidilutive.

Below is a summary of the earnings per share computations:


	Years ended December 31,
	2024		2023		2022
Earnings per share – basic	$	0.91	$	1.30	$	1.00
Earnings per share – diluted	$	0.90	$	1.29	$	0.99
Weighted-average shares of common stock outstanding – basic		47,597,295		46,553,256		44,971,143
Weighted-average shares of common stock outstanding – diluted		47,974,334		46,943,140		45,602,415

Below is a summary of the shares included in the diluted earnings per share computations:


	Years ended December 31,
	2024		2023		2022
Weighted-average shares of common stock outstanding – basic		47,597,295		46,553,256		44,971,143
Stock options		139,401		169,577		439,309
Restricted stock awards		205,433		51,182		161,648
Contingently issuable shares		32,205		169,125		30,315
Weighted-average shares of common stock outstanding – diluted		47,974,334		46,943,140		45,602,415