What was the basic weighted-average common shares outstanding for Dollar Rent A Car in 2023?
Dollar_Rent_A_Car Franchise · 2025 FDDAnswer from 2025 FDD Document
including Public Warrants and Exchangeable Notes, except when the effect would be antidilutive. Dilutive shares for stock-based instruments and Public Warrants are computed using the treasury stock method and Exchangeable Notes are computed using the if-converted method. Additionally, the Company removes the income or expense impacts related to Public Warrants and Exchangeable Notes when computing diluted earnings (loss) per common share, when the impacts are dilutive.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
| (In millions, except per share data)(1) | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Numerator: | ||||
| Net income (loss) available to Hertz Global common stockholders, basic | $ (2,862) $ | 616 | 2,059 | |
| Change in fair value of Public Warrants | — | (163) | (704) | |
| Net income (loss) available to Hertz Global common stockholders, | $ (2,862) $ | 452 | $ 1, |
Source: Item 23 — RECEIPTS (FDD pages 102–301)
What This Means (2025 FDD)
According to the 2025 FDD, the basic weighted-average common shares outstanding for Hertz Global, the parent company of Dollar Rent A Car, was 313 million in 2023. This figure is used to calculate the basic earnings per share, which was $1.97 in 2023.
The FDD also provides information on factors that can affect the number of common shares outstanding, such as stock options, restricted stock units (RSUs), performance stock units (PSUs), and public warrants. These can have a dilutive effect, increasing the number of shares, or an antidilutive effect, decreasing the number of shares, depending on the circumstances. For example, in 2023, the dilutive effect of stock options, RSUs, and PSUs was 1 million shares, while the dilutive effect of public warrants was 11 million shares.
Additionally, Dollar Rent A Car's parent company, Hertz Global, has a share repurchase program. In 2023, Hertz Global repurchased 19,381,160 shares of its common stock in open-market transactions at an average share price of $15.01, for an aggregate purchase price of $291 million, excluding applicable excise tax. These repurchased shares are included in treasury stock on the balance sheets. These repurchases reduce the number of shares outstanding.