DYNEX CAPITAL INC Earnings Per Share Disclosure
| Year Ended | |||||||||||||||||
| December 31, | |||||||||||||||||
($s in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Weighted average number of common shares outstanding - basic | 124,128,422 | 70,766,410 | 54,809,462 | ||||||||||||||
| Incremental common shares-unvested RSUs | 301,171 | 194,597 | — | ||||||||||||||
| Incremental common shares-unvested PSUs | 637,687 | 299,351 | — | ||||||||||||||
| Weighted average number of common shares outstanding - diluted | 125,067,280 | 71,260,358 | 54,809,462 | ||||||||||||||
| Net income (loss) to common shareholders | $ | 308,875 | $ | 106,204 | $ | (13,824) | |||||||||||
| Net income (loss) per common share-basic | $ | 2.49 | $ | 1.50 | $ | (0.25) | |||||||||||
| Net income (loss) per common share-diluted | $ | 2.47 | $ | 1.49 | $ | (0.25) | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2017 | Mar 5, 2018 | |
| 2016 | Mar 15, 2017 | |
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.