Earnings Per Share

9 Months Ended

Sep. 30, 2025

14.

Earnings Per Share

Basic earnings per share are calculated using the weighted average number of shares of the Company’s common stock issued and outstanding during a certain period, and are 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 are 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 and 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 interest on the condensed consolidated statements of income, therefore, none of the shares of Astrana held by APC are considered outstanding for the purpose of basic or diluted earnings per share computation.

As of September 30, 2025 and December 31, 2024, the total treasury stock, including the Company’s stock held by APC, was 9,937,167 and 10,603,849, respectively. These are treated as treasury shares for accounting purposes, and are not included in the number of shares of common stock outstanding used to calculate earnings per share.

The following potentially dilutive outstanding securities 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 or the conditions to issue such shares were not achieved as of September 30, 2025 and 2024, respectively:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Stock options		113,490		155,990		117,562		155,990
Restricted stock awards and units		474,786		—		565,767		—
Contingently issuable shares		1,083,539		1,085,808		1,096,617		1,085,808
Total potentially dilutive securities		1,671,815		1,241,798		1,779,946		1,241,798

Below is a summary of the earnings per share computations:


Three months ended September 30,	2025		2024
Earnings per share – basic	$	0.01	$	0.34
Earnings per share – diluted	$	0.01	$	0.33
Weighted average shares of common stock outstanding – basic		49,217,134		47,686,841
Weighted average shares of common stock outstanding – diluted		49,473,417		48,223,788


Nine months ended September 30,	2025		2024
Earnings per share – basic	$	0.34	$	1.05
Earnings per share – diluted	$	0.33	$	1.04
Weighted average shares of common stock outstanding – basic		49,005,363		47,521,368
Weighted average shares of common stock outstanding – diluted		49,311,384		47,960,686

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


Three months ended September 30,	2025		2024
Weighted average shares of common stock outstanding – basic		49,217,134		47,686,841
Stock options		72,442		169,785
Restricted stock awards and units and ESPP shares		50,807		321,348
Contingently issuable shares		133,034		45,814
Weighted average shares of common stock outstanding – diluted		49,473,417		48,223,788


Nine months ended September 30,	2025		2024
Weighted average shares of common stock outstanding – basic		49,005,363		47,521,368
Stock options		92,831		155,309
Restricted stock awards and units and ESPP shares		74,038		243,806
Contingently issuable shares		139,152		40,203
Weighted average shares of common stock outstanding – diluted		49,311,384		47,960,686