Earnings Per Share

12 Months Ended

Dec. 31, 2023

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 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, 2023, 2022 and 2021, APC held 7,132,698, 10,299,259 and 10,925,702 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, 2023, 2022 and 2021, restricted stock of 186,290, 133,480 and 9,137, 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, 2023 and 2022, restricted stock with performance conditions of 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, 2023 or 2022, as applicable.

Below is a summary of the earnings per share computations:


	Years ended December 31,
	2023		2022		2021

Earnings per share – basic	$	1.30	$	1.00	$	1.57
Earnings per share – diluted	$	1.29	$	0.99	$	1.52
Weighted-average shares of common stock outstanding – basic	46,553,256		44,971,143		43,828,664
Weighted-average shares of common stock outstanding – diluted	46,943,140		45,602,415		45,403,085

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


	Years ended December 31,
	2023	2022	2021

Weighted-average shares of common stock outstanding – basic	46,553,256	44,971,143	43,828,664

Stock options	169,577	439,309	495,618
Warrants	—	—	819,151
Restricted stock awards	51,182	161,648	259,652
Contingently issuable shares	169,125	30,315	—
Weighted-average shares of common stock outstanding – diluted	46,943,140	45,602,415	45,403,085