EARNINGS PER SHARE
The following information sets forth the computation of the Company's basic and diluted net increase in net assets per share resulting from operations for the years ended March 31, 2026, 2025 and 2024 (dollars and shares in thousands):

Years Ended March 31,
202620252024
Earnings per share - basic
Numerator for basic earnings per share$112,995 $70,548 $83,389 
Adjustment for income allocated to participating securities(1,216)(689)— 
Numerator for basic earnings per common share111,779 69,859 83,389
Denominator for basic earnings per common share56,530 47,448 40,727
Basic earnings per common share$1.98 $1.47 $2.05 
Earnings per share - diluted (1)
Numerator for increase in net assets per share$111,779 $69,859 $83,389 
Adjustment for interest and amortization on 2029 Convertible Notes13,267 5,263 — 
Numerator for diluted earnings per common share$125,046 $75,122 $83,389 
Denominator for basic weighted average common share56,530 47,448 40,727
Adjustment for dilutive effect of 2029 Convertible Notes9,299 3,740 — 
Denominator for diluted weighted average common shares65,829 51,188 40,727
Diluted earnings per common share$1.90 $1.47 $2.05 

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the years ended March 31, 2026, 2025 and 2024, there was no anti-dilution.
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Historical Timeline

Fiscal YearFiled
2026May 19, 2026Showing above
2025May 20, 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.