ASSURANT, INC.AIZ

ASSURANT, INC. Earnings Per Share Disclosure

10-KFiled Feb 19, 20261 min read
Earnings Per Common Share  
The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from common shares issuable upon vesting of PSUs and ESPP using the treasury stock method. Refer to Notes 19 and 20 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
 
Years Ended December 31,
 
2025
2024
2023
Numerator
Net income
$
872.7 
$
760.2 
$
642.5 
Less: Earnings allocated to participating securities
(7.7)
(7.7)
(7.0)
Net income used in basic and diluted per common share calculations
$
865.0 
$
752.5 
$
635.5 
Denominator
Weighted average common shares outstanding used in basic per common share calculations
50,469,633 
51,703,588 
52,870,380 
Incremental common shares from:
PSUs
593,853 
324,484 
294,808 
ESPP
23,163 
24,889 
33,122 
Weighted average common shares outstanding used in diluted per common share calculations
51,086,649 
52,052,961 
53,198,310 
Earnings per common share – Basic
$
17.14 
$
14.55 
$
12.02 
Earnings per common share – Diluted
$
16.93 
$
14.46 
$
11.95 
There were no anti-dilutive PSUs for the year ended December 31, 2025. Average PSUs totaling 48,859 and 56,456 for the years ended 2024 and 2023, respectively, were outstanding but were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 20, 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.

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