Curbline Properties Corp. Earnings Per Share Disclosure
The calculation of basic and diluted earnings per share for any period presented prior to Spin-Off from SITE Centers was based on the number of shares outstanding on October 1, 2024. For periods prior to the Spin-Off, it is assumed that there are no dilutive equity instruments as there were no Curbline stock-based awards outstanding prior to the Spin-Off date.
The following table provides a reconciliation of net income and the number of shares of common stock used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of shares of common stock outstanding without regard to potentially dilutive shares of common stock, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).
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For the Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerators – Basic and Diluted |
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Net income |
$ |
39,881 |
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$ |
10,273 |
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$ |
31,013 |
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Income attributable to non-controlling interests |
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(52 |
) |
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(11 |
) |
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— |
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Earnings attributable to unvested shares |
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(550 |
) |
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(267 |
) |
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— |
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Net income attributable to common stockholders after |
$ |
39,279 |
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$ |
9,995 |
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$ |
31,013 |
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Denominators – Number of Shares |
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Basic – Average shares outstanding |
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104,988 |
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104,860 |
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104,860 |
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Assumed conversion of dilutive securities - PRSAs and PB LTIPs |
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309 |
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355 |
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N/A |
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Assumed conversion of dilutive securities - Forward equity |
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3 |
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— |
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N/A |
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Diluted – Average shares outstanding |
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105,300 |
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105,215 |
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104,860 |
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Earnings Per Share: |
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Basic |
$ |
0.37 |
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$ |
0.10 |
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$ |
0.30 |
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Diluted |
$ |
0.37 |
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$ |
0.09 |
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$ |
0.30 |
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Basic average shares outstanding do not include RSUs totaling 0.7 million and RSAs totaling 0.3 million that were not vested at December 31, 2025 (Note 9). Dividends are paid on the outstanding RSUs and RSAs, which makes these shares participating securities.
PB LTIPs and PRSAs issued to certain executives were considered dilutive and included in the computation of diluted EPS (Note 9) for the year ended December 31, 2025 and 2024.
The agreements to offer and sell shares on a forward basis for approximately 3.3 million common shares were considered in the computation of diluted EPS for the year ended December 31, 2025 (Note 10). These agreements were not outstanding in 2024 and 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 21, 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.