Note 21 - Earnings Per Share

12 Months Ended

Dec. 31, 2024

NOTE 21: EARNINGS PER SHARE

Basic earnings per share are calculated using the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share calculations include any dilutive effect of potential common shares. In periods with a net loss from continuing operations, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share.

A reconciliation of the amounts used to calculate basic and diluted earnings per share for the years ended December 31, 2024, 2023 and 2022 follows:


	Year Ended December 31,
(in millions)	2024			2023			2022
Net income attributable to Eastman Kodak Company	$	102		$	75		$	26
Less: Preferred Stock cash and accrued dividends		(4	)		(4	)		(4	)
Less: Preferred Stock in-kind dividends		(6	)		(5	)		(5	)
Less: Preferred Stock deemed dividends		(2	)		(2	)		(2	)
Less: Earnings attributable to Series C Preferred shareholders		(12	)		(8	)		(2	)
Net income available to common shareholders - basic	$	78		$	56		$	13

Effect of dilutive securities:
Add back: Series B preferred stock cash and deemed dividends	$	5		$	5		$	—
Net earnings available to common shareholders - diluted	$	83		$	61		$	13


	Year Ended December 31,
	2024		2023		2022
Weighted-average common shares outstanding - basic		80.1		79.4		78.9
Effect of dilutive securities:
Unvested restricted stock units and awards		1.6		0.9		0.6
Stock options		1.1		0.7		1.1
Series B Preferred Stock		9.5		9.5		—
Weighted-average common shares outstanding - diluted		92.3		90.5		80.6

The computation of diluted earnings per share for the year ended December 31, 2024 excludes the impact of (1) the assumed conversion of 1.2 million shares of Series C Preferred Stock, (2) the assumed exercise of 2.6 million outstanding employee stock options and (3) the assumed vesting of 0.2 million unvested restricted stock units because the effects would have been anti-dilutive.

The computation of diluted earnings per share for the year ended December 31, 2023 excluded the impact of (1) the assumed conversion of 1.1 million shares of Series C Preferred Stock and (2) the assumed exercise of 3.9 million outstanding employee stock options because they would have been anti-dilutive.

The computation of diluted earnings per share for the year ended December 31, 2022 excluded the impact of (1) the assumed conversion of $25 million of Convertible Notes, (2) the assumed conversion of 1.0 million shares of Series B Preferred Stock, (3) the assumed conversion of 1.1 million shares of Series C Preferred Stock and (4) the assumed exercise of 3.3 million outstanding employee stock options because they would have been anti-dilutive.