Orion Properties Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Net Income (Loss) Per Share

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Note 14 – Net Income (Loss) Per Share

The computation of basic and diluted earnings per share is as follows for the periods indicated below (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	24,583	$	(25,101)	$	11,015	$	(34,456)
Net income attributable to non-controlling interest	(4)		(2)		(14)		(8)
Net income (loss) attributable to common stockholders and used in basic and diluted net income (loss) per share	24,579		(25,103)		11,001		(34,464)

Weighted average shares of common stock outstanding - basic	56,946		56,254		56,756		56,149
Effect of dilutive securities (1)	1,160		—		732		—
Weighted average shares of common stock - diluted	58,106		56,254		57,488		56,149

Net income (loss) per share attributable to common stockholders - basic	$	0.43	$	(0.45)	$	0.19	$	(0.61)
Net income (loss) per share attributable to common stockholders - diluted	$	0.42	$	(0.45)	$	0.19	$	(0.61)

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(1)Adjustments to the weighted average shares of common stock outstanding for the three and six months ended June 30, 2026 include 1.2 million and 0.7 million shares, respectively, of potentially dilutive securities comprised of the weighted average unvested Time-Based RSUs and Performance-Based RSUs granted under the Equity Plan. There were no adjustments to the weighted average common shares outstanding used in the diluted calculation given that all potentially dilutive shares were antidilutive for the three and six months ended June 30, 2025.

The following were excluded from diluted net income (loss) per share attributable to common stockholders during the periods indicated below, as the effect would have been antidilutive (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Weighted average unvested Time-Based RSUs and Performance-Based RSUs (1)	—	47	—	67
Weighted average stock warrants	1,120	1,120	1,120	1,120

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(1)Net of assumed purchases in accordance with the treasury stock method and exclude Performance-Based RSUs for which the performance thresholds have not been met by the end of the applicable reporting period.