EARNINGS PER COMMON SHARE
The following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (shares in thousands, except per share data): | | | | | | | | | | | | | | | | | |
| 2025 | | 2024 | | 2023 |
| Net income from continuing operations attributable to American Tower common stockholders | $ | 2,529.5 | | | $ | 3,233.3 | | | $ | 1,554.7 | |
| Net loss from discontinued operations attributable to American Tower common stockholders | — | | | (978.3) | | | (71.4) | |
| Net income attributable to American Tower Corporation common stockholders | $ | 2,529.5 | | | $ | 2,255.0 | | | $ | 1,483.3 | |
| Basic weighted average common shares outstanding | 467,922 | | 467,011 | | 466,063 |
| Dilutive securities | 835 | | 1,109 | | 1,099 |
| Diluted weighted average common shares outstanding | 468,757 | | 468,120 | | 467,162 |
| Basic net income from continuing operations attributable to American Tower Corporation common stockholders | $ | 5.41 | | | $ | 6.92 | | | $ | 3.34 | |
| Basic net loss from discontinued operations attributable to American Tower Corporation common stockholders per common share | — | | | (2.09) | | | (0.15) | |
| Basic net income attributable to American Tower Corporation common stockholders per common share | $ | 5.41 | | | $ | 4.83 | | | $ | 3.18 | |
| Diluted net income from continuing operations attributable to American Tower Corporation common stockholders | $ | 5.40 | | | $ | 6.91 | | | $ | 3.33 | |
| Diluted net loss from discontinued operations attributable to American Tower Corporation common stockholders | — | | | (2.09) | | | (0.15) | |
| Diluted net income attributable to American Tower Corporation common stockholders per common share | $ | 5.40 | | | $ | 4.82 | | | $ | 3.18 | |
Shares Excluded From Dilutive Effect
The following shares were not included in the computation of diluted earnings per share because the effect would be anti-dilutive for the years ended December 31, (in thousands, on a weighted average basis): | | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 | | 2023 |
| Restricted stock awards | 1 | | | 2 | | | 5 | |
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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.