BRADY CORP Earnings Per Share Disclosure
| Years ended July 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator (in thousands): | |||||||||||||||||
| Net Income (Numerator for basic and diluted income per Class A Nonvoting Common Share) | $ | 189,256 | $ | 197,215 | $ | 174,857 | |||||||||||
| Less: | |||||||||||||||||
| Preferential dividends | (736) | (748) | (769) | ||||||||||||||
| Preferential dividends on dilutive stock options | (8) | (5) | (3) | ||||||||||||||
| Numerator for basic and diluted income per Class B Voting Common Share | $ | 188,512 | $ | 196,462 | $ | 174,085 | |||||||||||
| Denominator (in thousands): | |||||||||||||||||
| Denominator for basic income per share for both Class A and Class B | 47,641 | 48,119 | 49,591 | ||||||||||||||
| Plus: Effect of dilutive equity awards | 451 | 377 | 278 | ||||||||||||||
| Denominator for diluted income per share for both Class A and Class B | 48,092 | 48,496 | 49,869 | ||||||||||||||
| Net income per Class A Nonvoting Common Share: | |||||||||||||||||
| Basic | $ | 3.97 | $ | 4.10 | $ | 3.53 | |||||||||||
| Diluted | $ | 3.94 | $ | 4.07 | $ | 3.51 | |||||||||||
| Net income per Class B Voting Common Share: | |||||||||||||||||
| Basic | $ | 3.96 | $ | 4.08 | $ | 3.51 | |||||||||||
| Diluted | $ | 3.92 | $ | 4.05 | $ | 3.49 | |||||||||||
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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.