EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

INCOME PER SHARE

INCOME PER SHARE

NOTE 17— INCOME (LOSS) PER SHARE

Income (loss) per share is based on the amount of income (loss) allocated to the stockholders and the weighted-average number of shares outstanding during the period for each class of common stock. Outstanding options to purchase 1,654,952, 1,666,872 and 2,074,216 shares of Class A common stock are not included in the calculation of diluted weighted-average shares outstanding for the year ended December 31, 2023, 2022 and 2021 respectively, as their effect is antidilutive.

The following tables present the Company’s calculation of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except share and per share amounts):

	Year ended December 31, 2023
	Select Water Solutions, Inc.		Class A		Class B
Numerator:
Net income	$	79,219
Net income attributable to noncontrolling interests		(4,816)
Net income attributable to Select Water Solutions, Inc. — basic	$	74,403	$	74,403	$	—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock		94		94		—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units		43		43		—
Net income attributable to Select Water Solutions, Inc. — diluted	$	74,540	$	74,540	$	—
Denominator:
Weighted-average shares of common stock outstanding — basic				101,393,822		16,221,101
Dilutive effect of restricted stock				1,355,499		—
Dilutive effect of performance share units				615,865		—
Weighted-average shares of common stock outstanding — diluted				103,365,186		16,221,101
Income per share:
Basic			$	0.73	$	—
Diluted			$	0.72	$	—

	Year ended December 31, 2022
	Select Water Solutions, Inc.		Class A		Class B
Numerator:
Net income	$	54,854
Net income attributable to noncontrolling interests		(6,576)
Net income attributable to Select Water Solutions, Inc. — basic	$	48,278	$	48,278	$	—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock		31		31		—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units		26		26		—
Net income attributable to Select Water Solutions, Inc. — diluted	$	48,335	$	48,335	$	—
Denominator:
Weighted-average shares of common stock outstanding — basic				95,214,033		16,221,101
Dilutive effect of restricted stock				416,671		—
Dilutive effect of performance share units				357,626		—
Dilutive effect of ESPP				349		—
Weighted-average shares of common stock outstanding — diluted				95,988,679		16,221,101
Income per share:
Basic			$	0.51	$	—
Diluted			$	0.50	$	—

	Year ended December 31, 2021
	Select Water Solutions, Inc.		Class A		Class B
Numerator:
Net loss	$	(50,085)
Net loss attributable to noncontrolling interests		7,860
Net loss attributable to Select Water Solutions, Inc. — basic	$	(42,225)	$	(42,225)	$	—
Net loss attributable to Select Water Solutions, Inc. — diluted	$	(42,225)	$	(42,225)	$	—
Denominator:
Weighted-average shares of common stock outstanding — basic				87,275,467		16,221,101
Weighted-average shares of common stock outstanding — diluted				87,275,467		16,221,101
Loss per share:
Basic			$	(0.48)	$	—
Diluted			$	(0.48)	$	—