Dynatrace, Inc. Earnings Per Share Disclosure
| Fiscal Year Ended March 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | 483,684 | $ | 154,632 | $ | 107,959 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted average shares outstanding, basic | 298,384 | 294,051 | 287,700 | ||||||||||||||
| Dilutive effect of share-based awards | 5,218 | 5,229 | 3,917 | ||||||||||||||
| Weighted average shares outstanding, diluted | 303,602 | 299,280 | 291,617 | ||||||||||||||
| Net income per share, basic | $ | 1.62 | $ | 0.53 | $ | 0.38 | |||||||||||
| Net income per share, diluted | $ | 1.59 | $ | 0.52 | $ | 0.37 | |||||||||||
| Fiscal Year Ended March 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock options | 74 | 130 | 952 | ||||||||||||||
| Unvested RSAs and RSUs | 209 | 203 | 776 | ||||||||||||||
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.