ENNIS, INC. Earnings Per Share Disclosure
(15) Earnings per Share
Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common shares were exercised or converted into common stock.
The following table sets forth the computation for basic and diluted earnings per share for the fiscal years ended:
|
2026 |
|
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2025 |
|
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2024 |
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Basic weighted average common shares outstanding |
|
25,607,789 |
|
|
|
26,025,452 |
|
|
|
25,842,798 |
|
Effect of dilutive stock options, restricted stock, time-based RSUs and performance-based RSUs |
|
84,507 |
|
|
|
133,556 |
|
|
|
97,278 |
|
Diluted weighted average common shares outstanding |
|
25,692,296 |
|
|
|
26,159,008 |
|
|
|
25,940,076 |
|
Earnings per share |
|
|
|
|
|
|
|
|
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Net earnings - basic |
$ |
1.66 |
|
|
$ |
1.55 |
|
|
$ |
1.65 |
|
Net earnings - diluted |
$ |
1.66 |
|
|
$ |
1.54 |
|
|
$ |
1.64 |
|
Cash dividends per share |
$ |
1.00 |
|
|
$ |
3.50 |
|
|
$ |
1.00 |
|
The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. The Company's unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation above is prepared on a combined basis. At fiscal year-end 2026, 2025, and 2024, 39,560, 31,251, and 52,500 stock options were excluded from the calculation above, respectively. Their effect would be anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 8, 2026 | Showing above |
| 2025 | May 13, 2025 | |
| 2024 | May 10, 2024 | |
| 2023 | May 12, 2023 | |
| 2022 | May 9, 2022 | |
| 2021 | May 7, 2021 | |
| 2020 | May 4, 2020 | |
| 2019 | May 6, 2019 | |
| 2018 | May 11, 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.