CEDAR REALTY TRUST, INC. Earnings Per Share Disclosure
| Years ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Numerator | |||||||||||
| Net (loss) income | $ | (1,871,000) | $ | 4,545,000 | |||||||
| Preferred stock dividends | (6,067,000) | (10,295,000) | |||||||||
| Deemed contributions on preferred stock | 18,788,000 | 7,629,000 | |||||||||
| Net income attributable to common shares | $ | 10,850,000 | $ | 1,879,000 | |||||||
| Denominator | |||||||||||
| Weighted average number of common shares outstanding | 13,718,169 | 13,718,169 | |||||||||
| Net income per common share attributable to common shareholders | $ | 0.79 | $ | 0.14 | |||||||
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.