Braemar Hotels & Resorts Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income (loss) attributable to common stockholders - basic and diluted: | |||||||||||||||||
| Net income (loss) attributable to the Company | $ | (22,318) | $ | (1,693) | $ | (27,017) | |||||||||||
| Less: dividends on preferred stock | (35,273) | (40,295) | (42,304) | ||||||||||||||
| Less: deemed dividends on preferred stock | (15,112) | (8,958) | (4,719) | ||||||||||||||
| Less: dividends on common stock | (13,585) | (13,302) | (13,164) | ||||||||||||||
| Less: dividends on unvested performance stock units | 153 | (99) | (226) | ||||||||||||||
| Less: dividends on unvested restricted shares | — | — | (33) | ||||||||||||||
| Undistributed net income (loss) allocated to common stockholders | (86,135) | (64,347) | (87,463) | ||||||||||||||
| Add back: dividends on common stock | 13,585 | 13,302 | 13,164 | ||||||||||||||
| Distributed and undistributed net income (loss) - basic and diluted | $ | (72,550) | $ | (51,045) | $ | (74,299) | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Weighted average common shares outstanding – basic and diluted | 67,621 | 66,500 | 65,989 | ||||||||||||||
Income (loss) per share - basic and diluted: | |||||||||||||||||
| Net income (loss) allocated to common stockholders per share | $ | (1.07) | $ | (0.77) | $ | (1.13) | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income (loss) allocated to common stockholders is not adjusted for: | |||||||||||||||||
| Income (loss) allocated to unvested restricted shares | $ | — | $ | — | $ | 33 | |||||||||||
| Income (loss) allocated to unvested performance stock units | $ | — | $ | 99 | 226 | ||||||||||||
| Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (5,767) | (4,472) | (5,230) | ||||||||||||||
| Dividends on preferred stock - Series B | 4,233 | 4,233 | 4,233 | ||||||||||||||
| Interest expense on Convertible Senior Notes | 4,537 | 4,503 | 4,470 | ||||||||||||||
| Dividends on preferred stock - Series E (inclusive of deemed dividends) | 39,845 | 38,089 | 34,817 | ||||||||||||||
| Dividends on preferred stock - Series M (inclusive of deemed dividends) | 3,007 | 3,631 | 4,673 | ||||||||||||||
| Total | $ | 45,855 | $ | 46,083 | $ | 43,222 | |||||||||||
| Weighted average diluted shares are not adjusted for: | |||||||||||||||||
| Effect of unvested restricted shares | — | — | 3 | ||||||||||||||
| Effect of unvested performance stock units | — | 25 | 273 | ||||||||||||||
| Effect of assumed conversion of operating partnership units | 5,808 | 6,421 | 5,487 | ||||||||||||||
| Effect of assumed conversion of preferred stock - Series B | 4,116 | 4,116 | 4,116 | ||||||||||||||
| Effect of assumed conversion of Convertible Senior Notes | 16,732 | 15,184 | 13,609 | ||||||||||||||
| Effect of assumed conversion of preferred stock - Series E | 121,516 | 150,154 | 126,832 | ||||||||||||||
| Effect of assumed conversion of preferred stock - Series M | 13,065 | 15,961 | 14,740 | ||||||||||||||
| Total | 161,237 | 191,861 | 165,060 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 10, 2023 | |
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.