Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2023

The following table shows the computation for basic and diluted earnings (loss) per share.


	Three Months Ended March 31,
	2023		2022

	(Thousands, except per share amounts)
Net income (loss) attributable to EQT Corporation – basic earnings available to shareholders	$	1,218,548	$	(1,516,048)
Add back: Interest expense on Convertible Notes, net of tax (a)	1,854		—
Diluted earnings (loss) available to shareholders	$	1,220,402	$	(1,516,048)

Weighted average common stock outstanding – basic	361,462		374,142
Options, restricted stock, performance awards and stock appreciation rights (a)	4,226		—
Convertible debt (a)	28,195		—
Weighted average common stock outstanding – diluted	393,883		374,142

Income (loss) per share of common stock attributable to EQT Corporation:
Basic	$	3.37	$	(4.05)
Diluted	$	3.10	$	(4.05)

(a)In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation rights are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share. As a result, for the three months ended March 31, 2022, all such securities of 7.3 million were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

In addition, the Company uses the if-converted method to calculate the impact of the Convertible Notes on diluted earnings (loss) per share. For the three months ended March 31, 2022, such if-converted securities of approximately 33.5 million and the related add back of interest expense on the Convertible Notes, net of tax, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.