(2)
Earnings per Share

The computation of basic and diluted earnings per common share for 2025, 2024 and 2023 is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

Net income available to common stockholders – basic and diluted

 

$

601,704

 

 

$

584,170

 

 

$

519,118

 

Weighted average number of common shares

 

 

34,007,071

 

 

 

34,707,298

 

 

 

35,081,779

 

Earnings per common share – basic

 

$

17.69

 

 

$

16.83

 

 

$

14.80

 

Diluted weighted average number of common shares

 

 

34,237,646

 

 

 

34,991,484

 

 

 

35,401,313

 

Earnings per common share – diluted

 

$

17.57

 

 

$

16.69

 

 

$

14.66

 

 

The denominators used in calculating diluted earnings per share for common stock for 2025, 2024 and 2023 do not include the following because the effect of including these shares would be anti-dilutive or because the performance targets for these awards had not yet been met:

 

 

 

2025

 

 

2024

 

 

2023

 

Anti-dilutive shares underlying stock-based awards

 

 

 

 

 

 

 

 

 

   Stock options

 

 

91,423

 

 

 

46,277

 

 

 

216,128

 

   Restricted stock units

 

 

659

 

 

 

4,223

 

 

 

7,060

 

Performance condition not met

 

 

 

 

 

 

 

 

 

   Restricted stock units

 

 

19,022

 

 

 

23,430

 

 

 

44,750

 

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Feb 24, 2025
2023Feb 23, 2023
2022Mar 1, 2022
2021Feb 25, 2021
2019Feb 20, 2020
2018Feb 21, 2019
2017Feb 20, 2018
2016Feb 25, 2016

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.