DIAMOND HILL INVESTMENT GROUP INC Earnings Per Share Disclosure
DHIL common shares outstanding consist of all shares issued and outstanding, including unvested restricted shares. Basic and diluted EPS are calculated under the two-class method. Unvested restricted shares are considered participating securities due to nonforfeitable dividend rights. The following table sets forth the computation for basic and diluted EPS and reconciliation between basic and diluted shares outstanding:
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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 income |
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$ |
49,359,999 |
|
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$ |
43,177,918 |
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|
$ |
43,085,548 |
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Less: Net income attributable to redeemable noncontrolling |
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(598,493 |
) |
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|
(189 |
) |
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|
(859,126 |
) |
Net income attributable to common shareholders |
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$ |
48,761,506 |
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$ |
43,177,729 |
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$ |
42,226,422 |
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Weighted average number of outstanding shares - Basic |
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|
2,723,272 |
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|
2,757,860 |
|
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|
2,948,625 |
|
Weighted average number of outstanding shares - Diluted |
|
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|
2,723,272 |
|
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|
2,757,860 |
|
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|
2,948,625 |
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Earnings per share attributable to common shareholders |
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Basic |
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|
$ |
17.91 |
|
|
$ |
15.66 |
|
|
$ |
14.32 |
|
Diluted |
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|
$ |
17.91 |
|
|
$ |
15.66 |
|
|
$ |
14.32 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2017 | Feb 22, 2018 | |
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.