BXP, Inc.BXP
BXP, Inc. Earnings Per Share Disclosure
13. Earnings Per Share / Common Unit
The following table provides a reconciliation of both the net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership and the number of common shares / units used in the computation of basic EPS, which is calculated by dividing net income attributable to BXP, Inc. or net income attributable to Boston Properties Limited Partnership by the weighted-average number of common shares / units outstanding during the period.
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS using the two-class method. Participating securities are included in the computation of diluted EPS using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units and 2025 OPP Units require, the Company to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock (See Note 2), and the related impact on earnings, are considered when calculating diluted EPS.
The following tables calculate BXP and BPLP’s earnings per share / unit for the years ended December 31, 2025, 2024 and 2023.
BXP
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Computation of Basic and Diluted Earnings Per Share: | (amounts presented in thousands, except per share data) | ||||||||||||||||
| Net income attributable to BXP, Inc. | $ | 276,800 | $ | 14,272 | $ | 190,215 | |||||||||||
Allocation of undistributed earnings to participating securities | — | — | — | ||||||||||||||
| Net income attributable to BXP, Inc.- basic | 276,800 | 14,272 | 190,215 | ||||||||||||||
| Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | — | — | — | ||||||||||||||
| Net income attributable to BXP, Inc. - diluted | $ | 276,800 | $ | 14,272 | $ | 190,215 | |||||||||||
| Weighted average common shares outstanding | 158,330 | 157,468 | 156,863 | ||||||||||||||
Allocation of undistributed earnings to participating securities | — | — | — | ||||||||||||||
| Weighted average common shares outstanding - basic | 158,330 | 157,468 | 156,863 | ||||||||||||||
| Effect of Dilutive Securities: | |||||||||||||||||
| Stock Based Compensation (1) | 539 | 325 | 338 | ||||||||||||||
| Weighted average common shares outstanding - diluted | 158,869 | 157,793 | 157,201 | ||||||||||||||
| Net income attributable to BXP, Inc. - basic earnings per share | $ | 1.75 | $ | 0.09 | $ | 1.21 | |||||||||||
| Net income attributable to BXP, Inc. - diluted earnings per share | $ | 1.74 | $ | 0.09 | $ | 1.21 | |||||||||||
_______________
(1)During the years ended December 31, 2025, 2024 and 2023, there were approximately 653,343, 184,203 and 709,175 unvested performance-based Restricted Stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
BPLP
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Computation of Basic and Diluted Earnings Per Unit: | (amounts presented in thousands, except per unit data) | ||||||||||||||||
| Net income attributable to Boston Properties Limited Partnership | $ | 321,104 | $ | 23,480 | $ | 219,771 | |||||||||||
Allocation of undistributed earnings to participating securities | — | — | — | ||||||||||||||
| Net income attributable to Boston Properties Limited Partnership - basic | 321,104 | 23,480 | 219,771 | ||||||||||||||
| Effect of Dilutive Securities: | |||||||||||||||||
Stock Based Compensation | — | — | — | ||||||||||||||
| Net income attributable to Boston Properties Limited Partnership - diluted | $ | 321,104 | $ | 23,480 | $ | 219,771 | |||||||||||
| Weighted average common units outstanding | 175,858 | 175,390 | 174,796 | ||||||||||||||
Allocation of undistributed earnings to participating securities | — | — | — | ||||||||||||||
| Weighted average common units outstanding - basic | 175,858 | 175,390 | 174,796 | ||||||||||||||
| Effect of Dilutive Securities: | |||||||||||||||||
| Stock Based Compensation (1) | 539 | 325 | 338 | ||||||||||||||
| Weighted average common units outstanding - diluted | 176,397 | 175,715 | 175,134 | ||||||||||||||
| Net income attributable to Boston Properties Limited Partnership basic earnings per unit | $ | 1.83 | $ | 0.13 | $ | 1.26 | |||||||||||
| Net income attributable to Boston Properties Limited Partnership diluted earnings per unit | $ | 1.82 | $ | 0.13 | $ | 1.25 | |||||||||||
| Redeemable common units included in weighted average common units | 17,528 | 17,922 | 17,933 | ||||||||||||||
_______________
(1)During the years ended December 31, 2025, 2024 and 2023, there were approximately 653,343, 184,203 and 709,175 unvested performance-based Restricted Stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per unit because to do so would have been antidilutive for the period.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 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.