Baldwin Insurance Group, Inc. Earnings Per Share Disclosure
| For the Years Ended December 31, | ||||||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
| Basic and diluted loss per share: | ||||||||||||||||||||
| Loss attributable to Baldwin | $ | (33,813) | $ | (24,518) | $ | (90,141) | ||||||||||||||
| Shares used for basic and diluted loss per share: | ||||||||||||||||||||
| Basic and diluted weighted-average shares of Class A common stock outstanding | 67,939 | 63,455 | 60,135 | |||||||||||||||||
| Basic and diluted loss per share | $ | (0.50) | $ | (0.39) | $ | (1.50) | ||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Unvested RSAs and PSUs | 3,229,248 | 3,597,954 | 3,874,639 | |||||||||||||||||
| Shares of Class B common stock | 47,736,698 | 50,895,956 | 53,132,031 | |||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 28, 2024 | |
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.