APARTMENT INVESTMENT & MANAGEMENT CO Earnings Per Share Disclosure
Note 10 — Earnings per Share and per Unit
Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period.
Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in Aimco's issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to Aimco of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive. The Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the years ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive. As of December 31, 2025, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 4.6 million and 8.7 million, respectively.
Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units (“LTIP Units”) receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were included in the computation of diluted earnings per share and unit for the year ended December 31, 2025, because the effect of their inclusion was dilutive. Participating securities were not included in the computation of diluted earnings per share and unit for the years
ended December 31, 2024 and 2023, because the effect of their inclusion would be antidilutive. As of December 31, 2025, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 1.6 million.
Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands, except per share and per unit data):
|
Year ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Earnings per share |
|
|
|
|
|
|
|
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations |
$ |
41,747 |
|
|
$ |
(124,162 |
) |
|
$ |
(180,836 |
) |
Less: Net (income) loss attributable to redeemable noncontrolling |
|
(13,237 |
) |
|
|
(13,958 |
) |
|
|
(13,924 |
) |
Less: Net (income) loss attributable to noncontrolling interests |
|
(781 |
) |
|
|
1,849 |
|
|
|
(3,991 |
) |
Less: Net (income) loss from continuing operations attributable to common noncontrolling |
|
(1,143 |
) |
|
|
7,119 |
|
|
|
10,254 |
|
Less: Net (income) loss allocated to Aimco participating securities |
|
479 |
|
|
|
(1,520 |
) |
|
|
— |
|
Income (loss) from continuing operations attributable to Aimco common stockholders |
|
27,065 |
|
|
|
(130,672 |
) |
|
|
(188,497 |
) |
Income (loss) from discontinued operations, net of taxes |
|
551,221 |
|
|
|
28,162 |
|
|
|
23,517 |
|
Less: Net (income) loss from discontinued operations attributable to common noncontrolling |
|
(23,798 |
) |
|
|
(1,478 |
) |
|
|
(1,216 |
) |
Less: Net (income) loss from discontinued operations allocated to Aimco participating securities |
|
(7,327 |
) |
|
|
— |
|
|
|
— |
|
Income (loss) from discontinued operations attributable to Aimco common stockholders |
|
520,096 |
|
|
|
26,684 |
|
|
|
22,301 |
|
Net income (loss) attributable to Aimco common stockholders |
$ |
547,161 |
|
|
$ |
(103,988 |
) |
|
$ |
(166,196 |
) |
|
|
|
|
|
|
|
|
|
|||
Denominator - shares: |
|
|
|
|
|
|
|
|
|||
Basic weighted-average common stock outstanding |
|
138,347 |
|
|
|
138,496 |
|
|
|
143,618 |
|
Diluted share equivalents outstanding |
|
2,710 |
|
|
|
— |
|
|
|
— |
|
Diluted weighted-average common stock outstanding |
|
141,057 |
|
|
|
138,496 |
|
|
|
143,618 |
|
|
|
|
|
|
|
|
|
|
|||
Earnings (loss) per share - basic |
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations attributable to Aimco per common share |
$ |
0.20 |
|
|
$ |
(0.94 |
) |
|
$ |
(1.32 |
) |
Income (loss) from discontinued operations attributable to Aimco per common share |
|
3.75 |
|
|
|
0.19 |
|
|
|
0.16 |
|
Net income (loss) attributable to Aimco per common share – basic |
$ |
3.95 |
|
|
$ |
(0.75 |
) |
|
$ |
(1.16 |
) |
|
|
|
|
|
|
|
|
|
|||
Earnings (loss) per share - diluted |
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations attributable to Aimco per common share |
$ |
0.19 |
|
|
$ |
(0.94 |
) |
|
$ |
(1.32 |
) |
Income (loss) from discontinued operations attributable to Aimco per common share |
|
3.68 |
|
|
|
0.19 |
|
|
|
0.16 |
|
Net income (loss) attributable to Aimco per common share – diluted |
$ |
3.87 |
|
|
$ |
(0.75 |
) |
|
$ |
(1.16 |
) |
|
Year ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Earnings per unit |
|
|
|
|
|
|
|
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations |
$ |
41,747 |
|
|
$ |
(124,162 |
) |
|
$ |
(180,836 |
) |
Less: Net (income) loss attributable to redeemable noncontrolling |
|
(13,237 |
) |
|
|
(13,958 |
) |
|
|
(13,924 |
) |
Less: Net (income) loss attributable to noncontrolling interests |
|
(781 |
) |
|
|
1,849 |
|
|
|
(3,991 |
) |
Less: Net (income) loss allocated to Aimco Operating Partnership's participating securities |
|
461 |
|
|
|
(1,520 |
) |
|
|
— |
|
Income (loss) from continuing operations attributable to Aimco Operating Partnership's common unitholders |
|
28,190 |
|
|
|
(137,791 |
) |
|
|
(198,751 |
) |
Income (loss) from discontinued operations, net of taxes |
|
551,221 |
|
|
|
28,162 |
|
|
|
23,517 |
|
Less: Net (income) loss from discontinued operations allocated to Aimco Operating Partnership's participating securities |
|
(7,629 |
) |
|
|
— |
|
|
|
— |
|
Income (loss) from discontinued operations attributable to Aimco Operating Partnership's common unitholders |
|
543,592 |
|
|
|
28,162 |
|
|
|
23,517 |
|
Net income (loss) attributable to Aimco Operating Partnership's common unitholders |
$ |
571,781 |
|
|
$ |
(109,629 |
) |
|
$ |
(175,234 |
) |
|
|
|
|
|
|
|
|
|
|||
Denominator - units |
|
|
|
|
|
|
|
|
|||
Basic weighted-average OP Units outstanding |
|
144,871 |
|
|
|
146,120 |
|
|
|
151,371 |
|
Diluted OP Unit equivalents outstanding |
|
2,710 |
|
|
|
— |
|
|
|
— |
|
Diluted weighted-average OP Units outstanding |
|
147,581 |
|
|
|
146,120 |
|
|
|
151,371 |
|
|
|
|
|
|
|
|
|
|
|||
Earnings (loss) per unit - basic |
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit |
$ |
0.20 |
|
|
$ |
(0.94 |
) |
|
$ |
(1.32 |
) |
Income (loss) from discontinued operations attributable to Aimco Operating Partnership per unit |
|
3.75 |
|
|
|
0.19 |
|
|
|
0.16 |
|
Net income (loss) attributable to Aimco per unit – basic |
$ |
3.95 |
|
|
$ |
(0.75 |
) |
|
$ |
(1.16 |
) |
|
|
|
|
|
|
|
|
|
|||
Earnings (loss) per unit - diluted |
|
|
|
|
|
|
|
|
|||
Income (loss) from continuing operations attributable to Aimco Operating Partnership per unit |
$ |
0.19 |
|
|
$ |
(0.94 |
) |
|
$ |
(1.32 |
) |
Income (loss)from discontinued operations attributable to Aimco Operating Partnership per unit |
|
3.68 |
|
|
|
0.19 |
|
|
|
0.16 |
|
Net income (loss) attributable to Aimco Operating Partnership per unit – diluted |
$ |
3.87 |
|
|
$ |
(0.75 |
) |
|
$ |
(1.16 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2019 | Feb 24, 2020 | |
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.