CITIZENS FINANCIAL GROUP INC/RICFG

CITIZENS FINANCIAL GROUP INC/RI Earnings Per Share Disclosure

10-KFiled Feb 12, 20261 min read
NOTE 22 - EARNINGS PER SHARE
Basic EPS is the amount of earnings, adjusted for preferred stock dividends and the impact of issuance costs associated with preferred stock redemptions, available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares, which include incremental shares issued for share-based payment awards. Potentially dilutive common shares are excluded from the computation of diluted EPS in periods in which the effect would be antidilutive.
Year Ended December 31,
(dollars in millions, except per share data)202520242023
Numerator (basic and diluted):
Net income$1,831 $1,509 $1,608 
Less: Preferred stock dividends138 137 117 
Less: Impact of preferred stock redemption
5 — — 
Net income available to common stockholders$1,688 $1,372 $1,491 
Denominator:
Weighted-average common shares outstanding - basic433,173,162 450,678,038 475,089,384 
Dilutive common shares: share-based awards3,717,569 2,832,207 1,603,764 
Weighted-average common shares outstanding - diluted436,890,731 453,510,245 476,693,148 
Earnings per common share:
Basic$3.90 $3.05 $3.14 
Diluted(1)
3.86 3.03 3.13 
(1) Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 24,574, 330,950, and 2,210,857 for the years ended December 31, 2025, 2024, and 2023, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 16, 2024
2020Feb 23, 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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