Donnelley Financial Solutions, Inc. Earnings Per Share Disclosure
Note 11. Earnings per Share
Net earnings per basic share is calculated by dividing net earnings by the weighted-average number of common shares outstanding for the period. Net earnings per diluted share is computed using the weighted-average number of common and potentially dilutive shares outstanding during the period, including stock options, RSUs, PSUs and restricted stock, using the treasury stock method.
The reconciliation of the numerator and denominator of the net earnings per basic and diluted share calculations for the years ended December 31, 2025, 2024 and 2023 were as follows:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Net earnings per share: |
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Basic |
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$ |
1.18 |
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$ |
3.16 |
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$ |
2.81 |
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Diluted |
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$ |
1.15 |
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$ |
3.06 |
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$ |
2.69 |
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Numerator: |
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Net earnings |
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$ |
32.4 |
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$ |
92.4 |
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$ |
82.2 |
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Denominator: |
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Weighted-average number of common shares outstanding |
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27.5 |
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29.2 |
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29.3 |
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Dilutive awards |
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0.7 |
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1.0 |
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1.3 |
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Diluted weighted-average number of common shares outstanding |
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28.2 |
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30.2 |
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30.6 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
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.