EARNINGS PER SHARE:
Basic and diluted earnings per share for 2025, 2024 and 2023 are calculated by dividing net earnings by the following weighted average number of shares:
(in millions)
202520242023
Basic weighted average number of shares outstanding
115.3 118.1 120.1 
Dilutive effect of outstanding awards under SBC plans
0.9 0.6 0.2 
Diluted weighted average number of shares outstanding
116.2 118.7 120.3 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Mar 3, 2025

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.