ARROW FINANCIAL CORP Earnings Per Share Disclosure
| Earnings Per Share | |||||||||||||||||
| Year-to-Date Period Ended: | |||||||||||||||||
| 12/31/2024 | 12/31/2023 | 12/31/2022 | |||||||||||||||
| Earnings Per Share - Basic: | |||||||||||||||||
| Net Income | $ | 29,709 | $ | 30,075 | $ | 48,799 | |||||||||||
| Weighted Average Shares - Basic | 16,739 | 17,037 | 17,008 | ||||||||||||||
| Earnings Per Share - Basic | $ | 1.77 | $ | 1.77 | $ | 2.86 | |||||||||||
| Earnings Per Share - Diluted: | |||||||||||||||||
| Net Income | $ | 29,709 | $ | 30,075 | $ | 48,799 | |||||||||||
| Weighted Average Shares - Basic | 16,739 | 17,037 | 17,008 | ||||||||||||||
| Dilutive Average Shares Attributable to Stock Options | 6 | — | 51 | ||||||||||||||
| Weighted Average Shares - Diluted | 16,745 | 17,037 | 17,059 | ||||||||||||||
| Earnings Per Share - Diluted | $ | 1.77 | $ | 1.77 | $ | 2.86 | |||||||||||
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.