Acadia Healthcare Company, Inc. Earnings Per Share Disclosure
4. Earnings Per Share
The following table sets forth the computation of basic and diluted (loss) earnings per share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net (loss) income attributable to Acadia Healthcare |
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$ |
(1,102,772 |
) |
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$ |
255,612 |
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$ |
(21,667 |
) |
Denominator: |
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Weighted-average shares outstanding for basic |
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90,705 |
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91,621 |
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|
90,949 |
|
Effects of dilutive instruments |
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— |
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|
438 |
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— |
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Shares used in computing diluted earnings per |
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90,705 |
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|
92,059 |
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90,949 |
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(Loss) earnings per share attributable to Acadia |
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Basic |
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$ |
(12.16 |
) |
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$ |
2.79 |
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|
$ |
(0.24 |
) |
Diluted |
|
$ |
(12.16 |
) |
|
$ |
2.78 |
|
|
$ |
(0.24 |
) |
For the years ended December 31, 2025 and 2023, respectively, approximately 0.6 million and 0.9 million outstanding shares of restricted stock and shares of common stock issuable upon exercise of outstanding stock option awards have been excluded from the calculation of dilutive weighted-average shares outstanding. These shares are excluded from the calculation of diluted earnings per share in the consolidated statement of operations because the net loss for the years ended December 31, 2025 and 2023 causes such securities to be anti-dilutive. Approximately 1.0 million, 0.7 million and 0.3 million shares of restricted stock and common stock issuable upon exercise of outstanding stock options were excluded from the calculation of diluted earnings per share for the years ended December 31, 2025, 2024 and 2023, respectively, because their effect would have been anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 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.