HORTON D R INC /DE/ Earnings Per Share Disclosure
| Year Ended September 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions, except per share data) | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to D.R. Horton, Inc. | $ | 3,585.2 | $ | 4,756.4 | $ | 4,745.7 | |||||||||||
| Denominator: | |||||||||||||||||
Denominator for basic earnings per share — weighted average shares | 308.5 | 329.5 | 340.7 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Employee stock awards | 1.4 | 2.1 | 2.6 | ||||||||||||||
Denominator for diluted earnings per share — adjusted weighted average shares | 309.9 | 331.6 | 343.3 | ||||||||||||||
| Basic net income per share attributable to D.R. Horton, Inc. | $ | 11.62 | $ | 14.44 | $ | 13.93 | |||||||||||
| Diluted net income per share attributable to D.R. Horton, Inc. | $ | 11.57 | $ | 14.34 | $ | 13.82 | |||||||||||
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.