Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share:

Basic and diluted (loss) earnings per share are calculated as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2024		2023		2022
Basic (loss) earnings per share
Numerator:


Net (loss) income attributable to Albemarle Corporation	$	(1,179,449)	$	1,573,476	$	2,689,816
Mandatory convertible preferred stock dividends	(136,647)		—		—
Net (loss) income attributable to Albemarle Corporation common shareholders	$	(1,316,096)	$	1,573,476	$	2,689,816
Denominator:
Weighted-average common shares for basic (loss) earnings per share	117,516		117,317		117,120
Basic (loss) earnings per share	$	(11.20)	$	13.41	$	22.97
Diluted (loss) earnings per share
Numerator:


Net (loss) income attributable to Albemarle Corporation	$	(1,179,449)	$	1,573,476	$	2,689,816
Mandatory convertible preferred stock dividends	(136,647)		—		—
Net (loss) income attributable to Albemarle Corporation common shareholders	$	(1,316,096)	$	1,573,476	$	2,689,816
Denominator:
Weighted-average common shares for basic (loss) earnings per share	117,516		117,317		117,120

Incremental shares under stock compensation plans	—		449		673
Weighted-average common shares for diluted (loss) earnings per share	117,516		117,766		117,793
Diluted (loss) earnings per share	$	(11.20)	$	13.36	$	22.84

The following table summarizes the number of shares, calculated on a weighted average basis, not included in the computation of diluted (loss) earnings per share because their effect would have been anti-dilutive (in thousands):


	Year Ended December 31,
	2024	2023	2022
Shares assuming the conversion of the mandatory convertible preferred stock	16,932	—	—
Shares under the stock compensation plan	1,064	158	—

Included in the calculation of basic (loss) earnings per share are unvested restricted stock awards that contain nonforfeitable rights to dividends. At December 31, 2024, there were 14,000 unvested shares of restricted stock awards outstanding.

We have the authority to issue 15,000,000 shares of preferred stock in one or more classes or series. As of December 31, 2024, 2,300,000 shares of preferred stock have been issued.

In November 2016, our Board of Directors authorized an increase in the number of shares the Company is permitted to repurchase under our share repurchase program, pursuant to which the Company is now permitted to repurchase up to a maximum of 15,000,000 shares, including those previously authorized but not yet repurchased.

There were no shares of the Company’s common stock repurchased during the years ended December 31, 2024, 2023 or 2022. As of December 31, 2024, there were 7,396,263 remaining shares available for repurchase under the Company’s authorized share repurchase program.