Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Reconciliation of Basic and Diluted Loss Per Share

The components of basic and diluted loss per share are as follows:


	Three Months Ended
	March 31,
(in thousands, except per share data)	2025			2024
Loss from continuing operations	$	(31,221	)	$	(29,863	)
Less: Net loss attributable to non-redeemable noncontrolling interest		216			923
Less: Net loss attributable to redeemable noncontrolling interest		—			203
Net loss from continuing operations attributable to Pursuit		(31,005	)		(28,737	)
Convertible preferred stock dividends paid in cash		—			(1,950	)
Net loss from continuing operations allocated to Pursuit common stockholders (basic)	$	(31,005	)	$	(30,687	)
Income (loss) from discontinued operations, net of tax		(131	)		3,620
Net loss allocated to Pursuit common stockholders - basic and diluted	$	(31,136	)	$	(27,067	)

Basic and diluted weighted-average outstanding common shares		28,113			21,029

Income (loss) per common share:
Basic:
Continuing operations	$	(1.10	)	$	(1.46	)
Discontinued operations		(0.01	)		0.17
Basic loss attributable to Pursuit common stockholders:	$	(1.11	)	$	(1.29	)
Diluted (1):
Continuing operations	$	(1.10	)	$	(1.46	)
Discontinued operations		(0.01	)		0.17
Diluted loss attributable to Pursuit common stockholders:	$	(1.11	)	$	(1.29	)

(1)

Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or if-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating income (loss) per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share.

Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Loss Per Common Shares

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:


	Three Months Ended
	March 31,
(in thousands)	2025		2024
Convertible preferred stock		—		6,674
Unvested restricted share-based awards		203		281
Unvested performance share-based awards		258		179
Stock options		164		164