AAON, INC. Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | (in thousands, except share and per share data) | ||||||||||||||||
Net income | $ | 107,593 | $ | 168,559 | $ | 177,623 | |||||||||||
| Denominator: | |||||||||||||||||
Basic weighted average shares | 81,529,140 | 81,473,131 | 81,156,114 | ||||||||||||||
Effect of dilutive shares related to stock based compensation1 | 1,576,398 | 2,109,206 | 1,972,380 | ||||||||||||||
Effect of dilutive shares related to contingent consideration2 | — | 47,165 | 166,796 | ||||||||||||||
Diluted weighted average shares | 83,105,538 | 83,629,502 | 83,295,290 | ||||||||||||||
| Earnings per share: | |||||||||||||||||
Basic | $ | 1.32 | $ | 2.07 | $ | 2.19 | |||||||||||
Diluted | $ | 1.29 | $ | 2.02 | $ | 2.13 | |||||||||||
| Anti-dilutive shares: | |||||||||||||||||
Shares | 523,387 | 235,188 | 314,108 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.