In Hockey Reference there's a formula they use for adjusted points, but what I'm more curious about is the validation of their 'point shares' stat. Is this something to gauge a player's performance or is it more on par with the +/- stat, a more accumulative system based on an overall team performance?
The system uses available data to allocate credit for team regular season success to individual players.
1. Team regular season points are split into offensive and defensive credit, depending on the team strengths.
2. Team offensive credit is divided among the players based on goals and assists. Goals are given more weight than assists.
3. Team defensive credit is split between the players and the goalies, according to shots against and save percentage data. Defensive credit for players is divided based on minutes played and plus-minus.
Problems can occur in the following cases.
1. Some data is not available for earlier eras. For example, the NHL does not have official shots against data pre-1983, which makes it difficult to credit goalies accurately for that time period. Time on ice is not available pre-1997, so it must be estimated before that time. Plus-minus is not available pre-1967, so it can't be used in the calculation.
2. Changing league sizes and schedule lengths mean that point shares can't really be compared across eras. For example, 50 years ago there were 6 teams that played 70 games apiece. So there were 420 point shares handed out in a season. Today, there are 30 teams that play 82 games, and three points are given out in some games. So there are over 2500 point shares handed out in a season.
3. Issues with the way point shares are calculated. Plus-minus is used to allocate defensive point shares, but it's just as much an offensive stat as a defensive stat. There is no extra credit given for killing penalties, an important defensive role. This is how Phil Housley ends up as one of the all-time leaders in defensive point shares despite rarely killing penalties and being a defensive liability for much of his career.