AGNC Investment Corp.AGNC

AGNC Investment Corp. Earnings Per Share Disclosure

10-KFiled Feb 23, 20262 min read
Net Income (Loss) Per Common Share
Basic net income (loss) per common share is computed by dividing (i) net income (loss) available (attributable) to common stockholders by (ii) the sum of our weighted-average number of common shares outstanding and the weighted-average number of vested but not yet issued time- and performance-based restricted stock units ("RSUs") that were outstanding during the period, which were granted under our long-term incentive program to employees and non-employee members of the Board of Directors ("the Board"). Diluted net income (loss) per common share assumes the issuance of all potential common stock equivalents unless doing so would reduce a loss or increase income per common share. Our potential common stock equivalents consist of unvested time- and performance-based RSUs. The following table presents the computations of basic and diluted net income (loss) per common share for the periods indicated (shares and dollars in millions):
Fiscal Year
202520242023
Weighted average number of common shares issued and outstanding1,018.1 781.2 616.6 
Weighted average number of fully vested restricted stock units outstanding1.9 2.2 1.8 
Weighted average number of common shares outstanding - basic1,020.0 783.4 618.4 
Weighted average number of dilutive unvested restricted stock units outstanding3.7 2.6 1.2 
Weighted average number of common shares outstanding - diluted1,023.7 786.0619.6
Net income available to common stockholders$1,509 $731 $32 
Net income per common share - basic$1.48 $0.93 $0.05 
Net income per common share - diluted$1.47 $0.93 $0.05 

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2017Feb 26, 2018

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.

Other Available Disclosures

Income TaxesFair ValueSegmentsStock CompensationNew StandardsPay vs Performance