COHEN & STEERS, INC. Earnings Per Share Disclosure
| Years Ended December 31, | |||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Net income | $ | 157,398 | $ | 162,792 | $ | 136,609 | |||||||||||
| Net (income) loss attributable to noncontrolling interests | (4,181) | (11,527) | (7,560) | ||||||||||||||
| Net income attributable to common stockholders | $ | 153,217 | $ | 151,265 | $ | 129,049 | |||||||||||
| Basic weighted average shares outstanding | 51,168 | 50,409 | 49,308 | ||||||||||||||
| Dilutive potential shares from restricted stock units | 358 | 529 | 245 | ||||||||||||||
| Diluted weighted average shares outstanding | 51,526 | 50,938 | 49,553 | ||||||||||||||
| Basic earnings per share attributable to common stockholders | $ | 2.99 | $ | 3.00 | $ | 2.62 | |||||||||||
| Diluted earnings per share attributable to common stockholders | $ | 2.97 | $ | 2.97 | $ | 2.60 | |||||||||||
Anti-dilutive common stock equivalents excluded from the calculation | 29 | 3 | 77 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
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.