AZZ INCAZZ

AZZ INC Earnings Per Share Disclosure

10-KFiled Apr 22, 20262 min read
14. Earnings Per Share
Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the period.
On April 30, 2024, we completed the April 2024 Secondary Public Offering in which we issued 4.6 million common shares. Weighted average shares for the year ended February 28, 2025 includes the shares from the April 2024 Secondary Public Offering, weighted for the period between April 30, 2024 and February 28, 2025. See Note 13.
The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2026, 2025 and 2024 (in thousands, except per share data):
Year Ended
February 28, 2026February 28, 2025February 29, 2024
Numerator:
Net income$317,260 $128,833 $101,607 
Series A Preferred Stock Dividends— (1,200)(14,400)
Redemption premium on Series A Preferred Stock— (75,198)— 
Numerator for diluted earnings per share—net income available to common shareholders$317,260 $52,435 $87,207 
Denominator:
Weighted average shares outstanding for basic earnings per share29,955 29,086 25,041 
Effect of dilutive securities:
Employee and director stock awards256 258 168 
Denominator for diluted earnings per share30,211 29,344 25,209 
Basic earnings per common share$10.59 $1.80 $3.48 
Diluted earnings per common share$10.50 $1.79 $3.46 
     For fiscal 2026, 2025, and 2024, approximately 0.03 million, 0.07 million, and 0.06 million employee equity awards were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For fiscal years 2025 and 2024, all shares related to the Series A Convertible Preferred Stock were excluded from the computation of diluted earnings per share as their effect would be anti-dilutive.

Historical Timeline

Fiscal YearFiled
2026Apr 22, 2026Showing above
2025Apr 21, 2025
2024Apr 22, 2024
2023Apr 25, 2023
2022Apr 22, 2022
2021Apr 23, 2021
2020Apr 29, 2020
2019May 17, 2019
2018May 15, 2018
2017Apr 20, 2017
2016Apr 21, 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.

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