AFFILIATED MANAGERS GROUP, INC. Earnings Per Share Disclosure
For the Years Ended December 31, | ||||||
2023 | 2024 | 2025 | ||||
Numerator | ||||||
Net income (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $672.9 | $511.6 | $716.6 | |||
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 49.0 | 20.5 | 20.5 | |||
Interest expense on junior convertible securities, net of taxes . . . . . . . . . . . . . | 13.4 | 13.4 | 12.9 | |||
Net income (controlling interest), as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . | $735.3 | $545.5 | $750.0 | |||
Denominator | ||||||
Average shares outstanding (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 35.1 | 31.1 | 28.5 | |||
Effect of dilutive instruments: | ||||||
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1.7 | 1.7 | 0.9 | |||
Hypothetical issuance of shares to settle Redeemable non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.7 | 1.6 | 1.9 | |||
Assumed issuance of junior convertible securities shares . . . . . . . . . . . . . . . | 1.7 | 1.7 | 1.7 | |||
Average shares outstanding (diluted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 42.2 | 36.1 | 33.0 | |||
For the Years Ended December 31, | ||||||
2023 | 2024 | 2025 | ||||
Stock options and restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.2 | 0.2 | 0.1 | |||
Shares issuable to settle Redeemable non-controlling interests . . . . . . . . . . . . | 0.7 | 2.0 | 0.3 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 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.