American Homes 4 RentAMH
American Homes 4 Rent Earnings Per Share Disclosure
Earnings per Share / Unit
American Homes 4 Rent
The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands, except share and per share data):
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | 513,392 | $ | 468,142 | $ | 432,142 | |||||||||||
| Less: | |||||||||||||||||
| Noncontrolling interest | 60,418 | 55,716 | 51,974 | ||||||||||||||
| Dividends on preferred shares | 13,944 | 13,944 | 13,944 | ||||||||||||||
Allocation to participating securities (1) | 1,332 | 1,317 | 1,083 | ||||||||||||||
| Numerator for income per common share–basic and diluted | $ | 437,698 | $ | 397,165 | $ | 365,141 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average common shares outstanding–basic | 370,556,400 | 367,454,012 | 362,024,968 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
Share-based compensation plan and forward sale equity contracts (2) | 350,182 | 535,525 | 452,248 | ||||||||||||||
Weighted-average common shares outstanding–diluted (3) | 370,906,582 | 367,989,537 | 362,477,216 | ||||||||||||||
| Net income per common share: | |||||||||||||||||
| Basic | $ | 1.18 | $ | 1.08 | $ | 1.01 | |||||||||||
| Diluted | $ | 1.18 | $ | 1.08 | $ | 1.01 | |||||||||||
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the years ended December 31, 2025, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the year ended December 31, 2024 (see Note 9. Shareholders’ Equity / Partners’ Capital).
(3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.
American Homes 4 Rent, L.P.
The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands, except unit and per unit data):
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | 513,392 | $ | 468,142 | $ | 432,142 | |||||||||||
| Less: | |||||||||||||||||
| Preferred distributions | 13,944 | 13,944 | 13,944 | ||||||||||||||
Allocation to participating securities (1) | 1,332 | 1,317 | 1,083 | ||||||||||||||
| Numerator for income per common unit–basic and diluted | $ | 498,116 | $ | 452,881 | $ | 417,115 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average common units outstanding–basic | 421,550,914 | 418,830,992 | 413,401,948 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
Share-based compensation plan and forward sale equity contracts (2) | 350,182 | 535,525 | 452,248 | ||||||||||||||
| Weighted-average common units outstanding–diluted | 421,901,096 | 419,366,517 | 413,854,196 | ||||||||||||||
| Net income per common unit: | |||||||||||||||||
| Basic | $ | 1.18 | $ | 1.08 | $ | 1.01 | |||||||||||
| Diluted | $ | 1.18 | $ | 1.08 | $ | 1.01 | |||||||||||
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the years ended December 31, 2025, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the year ended December 31, 2024 (see Note 9. Shareholders’ Equity / Partners’ Capital).
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 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.