EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share.
Year Ended September 30,
 202520242023
 (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 awards1.4 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 
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Historical Timeline

Fiscal YearFiled
2025Nov 19, 2025Showing above
2024Nov 19, 2024
2023Nov 17, 2023
2022Nov 18, 2022
2021Nov 18, 2021
2020Nov 20, 2020
2019Nov 25, 2019
2018Nov 16, 2018
2017Nov 15, 2017
2016Nov 18, 2016
2015Nov 19, 2015

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.