ALLIANCEBERNSTEIN HOLDING L.P. Earnings Per Share Disclosure
| Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in thousands, except per unit amounts) | ||||||||||||||||||||
| Net income | $ | 299,836 | $ | 423,374 | $ | 264,184 | ||||||||||||||
| Weighted average units outstanding | 101,069 | 114,125 | 112,948 | |||||||||||||||||
| Net income per Unit | $ | 2.97 | $ | 3.71 | $ | 2.34 | ||||||||||||||
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.