CAL-MAINE FOODS INCCALM

CAL-MAINE FOODS INC Earnings Per Share Disclosure

10-KFiled Jul 22, 20251 min read
Note 12 - Net Income per Common Share
Basic net income per share attributable
 
to Cal-Maine Foods, Inc. is based on
 
the weighted average Common Stock and Class
 
A
Common Stock
 
outstanding. All
 
shares of
 
Class A
 
Common Stock
 
were converted
 
into Common
 
Stock on
 
April 14,
 
2025. Diluted
net income per share attributable to Cal-Maine Foods, Inc. is based on weighted-average Common Stock outstanding during the
relevant period adjusted for the dilutive effect of share-based awards.
 
The following table provides
 
a reconciliation of the
 
numerators and denominators
 
used to determine basic
 
and diluted net income
per common share attributable to Cal-Maine Foods, Inc. (amounts in thousands, except per share data):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 31, 2025
June 1, 2024
June 3, 2023
Numerator
Net income
$
1,218,232
$
276,282
$
756,732
Less: Net loss attributable to noncontrolling interest
(1,816)
(1,606)
(1,292)
Net income attributable to Cal-Maine Foods, Inc.
$
1,220,048
$
277,888
$
758,024
Denominator
Weighted-average common shares outstanding, basic
48,719
48,717
48,648
Effect of dilutive securities of restricted shares
172
156
186
Weighted-average common shares outstanding, diluted
48,891
48,873
48,834
Net income per common share attributable to Cal-Maine Foods, Inc.
Basic
$
25.04
$
5.70
$
15.58
Diluted
$
24.95
$
5.69
$
15.52

Historical Timeline

Fiscal YearFiled
2025Jul 22, 2025Showing above
2022Jul 19, 2022
2021Jul 19, 2021

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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