Earnings per Share

9 Months Ended

Sep. 30, 2025

9. Earnings per Share

The computational components of basic and diluted earnings per share for the three months ended September 30, 2025 and 2024 are as follows:


	Three months ended September 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	1,499	$	2,086

Denominator
Basic weighted-average shares outstanding		35,360		34,967
Common stock equivalents arising from stock options and restricted stock awards		1,037		1,522
Diluted weighted-average shares outstanding		36,397		36,489

The computational components of basic and diluted earnings per share for the nine months ended September 30, 2025 and 2024 are as follows:


	Nine months ended September 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	46,993	$	8,079

Denominator
Basic weighted-average shares outstanding		35,226		34,910
Common stock equivalents arising from stock options and restricted stock awards		1,323		1,413
Diluted weighted-average shares outstanding		36,549		36,323

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For each of the three months ended September 30, 2025 and 2024, zero, and for the nine months ended September 30, 2025 and 2024, 0.3 million and 0.1 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

Common Stock Repurchase

On May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which the Company was able to purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. The authorization permitted the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, Rule 10b5-1 trading plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. For the three and nine months ended September 30, 2024, the Company repurchased approximately zero and 230,000 shares under the program, respectively, for a cost of zero and $5.0 million, respectively. There were no shares repurchased under the program during the three or nine months ended September 30, 2025. This program expired during the second quarter of 2025.