BOISE CASCADE CoBCC

BOISE CASCADE Co Earnings Per Share Disclosure

10-KFiled Feb 24, 20262 min read
Net Income Per Common Share
    Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Weighted average common shares outstanding for the basic net income per common share calculation includes certain vested restricted stock units (RSUs) and performance stock units (PSUs) as there are no conditions under which those shares will not be issued. For more information about common share activity during the period, see Note 12, Stockholders' Equity. Diluted net income per common share is computed by dividing net income by the combination of the weighted average number of common shares outstanding during the period and other potentially dilutive weighted average common shares. Other potentially dilutive weighted average common shares include the dilutive effect of RSUs and PSUs for each period using the treasury stock method. Under the treasury stock method, the amount of compensation expense, if any, for future service that has not yet been recognized is assumed to be used to repurchase shares in the current period.

    The following table sets forth the computation of basic and diluted net income per common share:
 Year Ended December 31
 202520242023
 (thousands, except per-share data)
Net income$132,836 $376,354 $483,656 
Weighted average common shares outstanding during the period (for basic calculation)37,476 39,086 39,649 
Dilutive effect of other potential common shares143 232 252 
Weighted average common shares and potential common shares (for diluted calculation)37,619 39,318 39,901 
Net income per common share - Basic$3.54 $9.63 $12.20 
Net income per common share - Diluted$3.53 $9.57 $12.12 

    The computation of the dilutive effect of other potential common shares excludes stock awards representing 0.1 million shares of common stock in the year ended December 31, 2025, and an insignificant number of shares of common stock in the years ended December 31, 2024 and 2023. Under the treasury stock method, the inclusion of these stock awards would have been antidilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 20, 2025

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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