ARMSTRONG WORLD INDUSTRIES INC Earnings Per Share Disclosure
NOTE 27. EARNINGS PER SHARE
The following table is a reconciliation of earnings to earnings attributable to common shares used in our basic and diluted Earnings Per Share (“EPS”) calculations for the years ended December 31, 2025, 2024 and 2023. EPS components may not add due to rounding.
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net earnings |
|
$ |
308.7 |
|
|
$ |
264.9 |
|
|
$ |
223.8 |
|
(Earnings) allocated to participating vested share awards |
|
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
Net earnings attributable to common shares |
|
$ |
308.7 |
|
|
$ |
264.9 |
|
|
$ |
223.7 |
|
The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the years ended December 31, 2025, 2024 and 2023 (shares in millions):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Basic shares outstanding |
|
|
43.3 |
|
|
|
43.7 |
|
|
|
44.7 |
|
Dilutive effect of common stock equivalents |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.1 |
|
Diluted shares outstanding |
|
|
43.6 |
|
|
|
44.0 |
|
|
|
44.8 |
|
Anti-dilutive stock awards excluded from the computation of dilutive EPS for 2025, 2024 and 2023 were 14,579, 9,052 and 46,846, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 22, 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.