Arcosa, Inc. Earnings Per Share Disclosure
| Year Ended December 31, 2025 | |||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
| Income (Loss) | Average Shares | EPS | |||||||||||||||
| Net income | $ | 208.4 | |||||||||||||||
| Unvested restricted share participation | (0.4) | ||||||||||||||||
| Net income per common share – basic | 208.0 | 48.9 | $ | 4.25 | |||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Nonparticipating unvested restricted shares | — | 0.1 | |||||||||||||||
| Net income per common share – diluted | $ | 208.0 | 49.0 | $ | 4.24 | ||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
| Income (Loss) | Average Shares | EPS | |||||||||||||||
| Net income | $ | 93.7 | |||||||||||||||
| Unvested restricted share participation | (0.3) | ||||||||||||||||
| Net income per common share – basic | 93.4 | 48.6 | $ | 1.92 | |||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Nonparticipating unvested restricted shares | — | 0.2 | |||||||||||||||
| Net income per common share – diluted | $ | 93.4 | 48.8 | $ | 1.91 | ||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
| Income (Loss) | Average Shares | EPS | |||||||||||||||
| Net income | $ | 159.2 | |||||||||||||||
| Unvested restricted share participation | (0.6) | ||||||||||||||||
| Net income per common share – basic | 158.6 | 48.5 | $ | 3.27 | |||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Nonparticipating unvested restricted shares | — | 0.2 | |||||||||||||||
| Net income per common share – diluted | $ | 158.6 | 48.7 | $ | 3.26 | ||||||||||||
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.