Andersons, Inc. Earnings Per Share Disclosure
| (in thousands except per common share data) | Year Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income | $ | 119,301 | $ | 170,700 | $ | 132,529 | |||||||||||
| Less: Net income attributable to noncontrolling interests | 23,588 | 56,688 | 31,339 | ||||||||||||||
| Net income attributable to The Andersons Inc. common shareholders | $ | 95,713 | $ | 114,012 | $ | 101,190 | |||||||||||
| Weighted-average shares outstanding - basic | 34,036 | 34,032 | 33,718 | ||||||||||||||
| Effect of dilutive awards | 301 | 290 | 664 | ||||||||||||||
| Weighted-average shares outstanding – diluted | 34,337 | 34,322 | 34,382 | ||||||||||||||
| Earnings per share attributable to The Andersons, Inc. common shareholders: | |||||||||||||||||
| Earnings per share - basic | $ | 2.81 | $ | 3.35 | $ | 3.00 | |||||||||||
| Earnings per share - diluted | $ | 2.79 | $ | 3.32 | $ | 2.94 | |||||||||||
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.