Cushman & Wakefield Ltd. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Basic EPS | |||||||||||
Net income (loss) | $ | 88.2 | $ | 131.3 | $ | (35.4) | |||||
Weighted average shares outstanding for basic earnings (loss) per share | 231.2 | 228.9 | 226.9 | ||||||||
Basic earnings (loss) per share attributable to common shareholders | $ | 0.38 | $ | 0.57 | $ | (0.16) | |||||
| Diluted EPS | |||||||||||
Net income (loss) | $ | 88.2 | $ | 131.3 | $ | (35.4) | |||||
Weighted average shares outstanding for basic earnings (loss) per share | 231.2 | 228.9 | 226.9 | ||||||||
| Dilutive effect of restricted stock units | 3.5 | 3.9 | — | ||||||||
Weighted average shares outstanding for diluted earnings (loss) per share | 234.7 | 232.8 | 226.9 | ||||||||
Diluted earnings (loss) per share attributable to common shareholders | $ | 0.38 | $ | 0.56 | $ | (0.16) | |||||
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.