ARES CAPITAL CORP Earnings Per Share Disclosure
| For the Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net increase in stockholders’ equity resulting from operations | $ | 1,299 | $ | 1,522 | $ | 1,522 | |||||||||||
| Adjustment for interest expense on 2024 Convertible Notes(1) | — | — | 17 | ||||||||||||||
| Net increase in stockholders’ equity resulting from operations—diluted | $ | 1,299 | $ | 1,522 | $ | 1,539 | |||||||||||
| Weighted average shares of common stock outstanding—basic and diluted | 699 | 624 | 554 | ||||||||||||||
| Assumed conversion of 2024 Convertible Notes(2) | — | — | 21 | ||||||||||||||
| Weighted average shares of common stock outstanding—diluted | 699 | 624 | 575 | ||||||||||||||
| Net increase in stockholders’ equity resulting from operations per share—basic | $ | 1.86 | $ | 2.44 | $ | 2.75 | |||||||||||
| Net increase in stockholders’ equity resulting from operations per share—diluted | $ | 1.86 | $ | 2.44 | $ | 2.68 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Feb 7, 2024 | |
| 2022 | Feb 7, 2023 | |
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.