AXIS CAPITAL HOLDINGS LTD Earnings Per Share Disclosure
| At and year ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||
| Earnings per common share | |||||||||||||||||||||||
| Net income | $ | 1,008,898 | $ | 1,081,786 | $ | 376,292 | |||||||||||||||||
| Less: Preferred share dividends | 30,250 | 30,250 | 30,250 | ||||||||||||||||||||
| Net income available to common shareholders | $ | 978,648 | $ | 1,051,536 | $ | 346,042 | |||||||||||||||||
| Weighted average common shares outstanding | 78,192 | 84,165 | 85,142 | ||||||||||||||||||||
| Earnings per common share | $ | 12.52 | $ | 12.49 | $ | 4.06 | |||||||||||||||||
| Earnings per diluted common share | |||||||||||||||||||||||
| Net income available to common shareholders | $ | 978,648 | $ | 1,051,536 | $ | 346,042 | |||||||||||||||||
| Weighted average common shares outstanding | 78,192 | 84,165 | 85,142 | ||||||||||||||||||||
| Share-based compensation plans | 1,074 | 1,011 | 870 | ||||||||||||||||||||
| Weighted average diluted common shares outstanding | 79,266 | 85,176 | 86,012 | ||||||||||||||||||||
| Earnings per diluted common share | $ | 12.35 | $ | 12.35 | $ | 4.02 | |||||||||||||||||
| Weighted average anti-dilutive shares excluded from the dilutive computation | 14 | 192 | 405 | ||||||||||||||||||||
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.