Churchill Downs Inc Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||||||||
| (in millions, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Numerator for basic net income per common share: | |||||||||||||||||
| Net income attributable to Churchill Downs Incorporated | $ | 383.0 | $ | 426.8 | $ | 417.3 | |||||||||||
| Adjustments related to redeemable noncontrolling interests | 3.3 | 3.0 | — | ||||||||||||||
| Net income attributable to common shareholders | $ | 379.7 | $ | 423.8 | $ | 417.3 | |||||||||||
| Denominator for net income per common share: | |||||||||||||||||
| Basic | 71.4 | 74.0 | 75.2 | ||||||||||||||
| Plus dilutive effect of stock awards | 0.4 | 0.6 | 0.9 | ||||||||||||||
| Diluted | 71.8 | 74.6 | 76.1 | ||||||||||||||
| Net income attributable to Churchill Downs Incorporated per common share data: | |||||||||||||||||
| Basic net income | $ | 5.32 | $ | 5.73 | $ | 5.55 | |||||||||||
| Diluted net income | $ | 5.29 | $ | 5.68 | $ | 5.49 | |||||||||||
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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.