CompoSecure (CMPO), a maker of metal credit cards and digital wallets for cryptocurrencies, now calculates earnings per share differently than it has done previously. Starting April 1, 2022, CompoSecure changed its “valuation allocation methodology” for allocating net income between the company and a redeemable non-controlling interest.

The change reduced prior period net income attributable to CompoSecure and increased the net income attributable to the non-controlling interest, which owns partnership units not owned by CompoSecure.

Previously, in the quarter ended March 31, 2022, CompoSecure reported:

—$22.1 million net income attributable to non-controlling interest
—$4.7 million net income attributable to CompoSecure

In is latest quarterly filing, Composecure adjusted the previously reported amounts, including the prior year’s first quarter, as such:

—$23.5 million net income attributable to non-controlling interest, or 6.3% higher than previously reported
—$3.3 million net income attributable to CompoSecure, or 29.7% lower than previously reported

CompoSecure also makes distributions to the non-controlling interest to cover the interest’s tax obligations.

In the latest quarter, CompoSecure paid the non-controlling interest $9.7 million in distributions, or 90.6% of the quarter’s total net income.

CompoSecure’s shares are up 52.9% ytd.