ASHFORD HOSPITALITY TRUST INC Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Income (loss) allocated to common stockholders – basic and diluted: | |||||||||||||||||
| Income (loss) attributable to the Company | $ | (179,839) | $ | (60,300) | $ | (178,489) | |||||||||||
| Less: dividends on preferred stock | (28,216) | (22,686) | (15,921) | ||||||||||||||
| Less: deemed dividends on redeemable preferred stock | (6,949) | (2,906) | (2,673) | ||||||||||||||
Add: gain (loss) on extinguishment of preferred stock | — | 3,370 | 3,390 | ||||||||||||||
Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted | $ | (215,004) | $ | (82,522) | $ | (193,693) | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
Weighted average shares outstanding – basic and diluted | 5,974 | 4,706 | 3,452 | ||||||||||||||
| Basic income (loss) per share: | |||||||||||||||||
| Net income (loss) allocated to common stockholders per share | $ | (35.99) | $ | (17.54) | $ | (56.11) | |||||||||||
| Diluted income (loss) per share: | |||||||||||||||||
| Net income (loss) allocated to common stockholders per share | $ | (35.99) | $ | (17.54) | $ | (56.11) | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Income (loss) allocated to common stockholders is not adjusted for: | |||||||||||||||||
| Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (3,262) | 683 | $ | (2,239) | |||||||||||||
Dividends on preferred stock – Series J (inclusive of deemed dividends) | 18,609 | 13,276 | 6,014 | ||||||||||||||
Dividends on preferred stock – Series K (inclusive of deemed dividends) | 1,757 | 1,169 | 317 | ||||||||||||||
Dividends on preferred stock – Series L (inclusive of deemed dividends) | 1,280 | — | — | ||||||||||||||
Dividends on preferred stock – Series M (inclusive of deemed dividends) | 2,663 | — | — | ||||||||||||||
| Total | $ | 21,047 | $ | 15,128 | $ | 4,092 | |||||||||||
| Weighted average diluted shares are not adjusted for: | |||||||||||||||||
| Effect of unvested restricted stock | 7 | 7 | — | ||||||||||||||
| Effect of assumed conversion of operating partnership units | 97 | 64 | 42 | ||||||||||||||
| Effect of assumed issuance of shares for term loan exit fee | — | — | 175 | ||||||||||||||
Effect of assumed conversion of preferred stock – Series J | 32,856 | 15,713 | 1,693 | ||||||||||||||
Effect of assumed conversion of preferred stock – Series K | 3,137 | 1,187 | 93 | ||||||||||||||
Effect of assumed conversion of preferred stock – Series L | 524 | — | — | ||||||||||||||
Effect of assumed conversion of preferred stock – Series M | 1,084 | — | — | ||||||||||||||
| Total | 37,705 | 16,971 | 2,003 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 21, 2025 | |
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.