EPR PROPERTIESEPR

EPR PROPERTIES Earnings Per Share Disclosure

10-KFiled Feb 26, 20263 min read
Earnings Per Share
The following table summarizes the Company’s computations of basic and diluted earnings per share (EPS) for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands except per share information):
 
Year Ended December 31, 2025
 Income
(numerator)		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$274,936 
Less: preferred dividend requirements(24,144)
Net income available to common shareholders$250,792 76,040 $3.30 
Diluted EPS:
Net income available to common shareholders$250,792 76,040 
Effect of dilutive securities:
Share options and performance share units— 455 
Net income available to common shareholders$250,792 76,495 $3.28 
 
Year Ended December 31, 2024
 Income
(numerator)		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$146,066 
Less: preferred dividend requirements(24,144)
Net income available to common shareholders$121,922 75,636 $1.61 
Diluted EPS:
Net income available to common shareholders$121,922 75,636 
Effect of dilutive securities:
Share options and performance share units— 363 
Net income available to common shareholders$121,922 75,999 $1.60 
 
Year Ended December 31, 2023
 Income
(numerator)		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$173,046 
Less: preferred dividend requirements(24,145)
Net income available to common shareholders$148,901 75,260 $1.98 
Diluted EPS:
Net income available to common shareholders$148,901 75,260 
Effect of dilutive securities:
Share options and performance share units— 455 
Net income available to common shareholders$148,901 75,715 $1.97 

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance share units are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share.

The following shares have been excluded from the calculation of diluted earnings per share because they are anti-dilutive, or in the case of contingently issuable performance share units, are not probable of issuance:
•The additional 2.3 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for each of the years ended December 31, 2025, 2024 and 2023.
•The additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for each of the years ended December 31, 2025, 2024 and 2023.
•Outstanding options to purchase 11 thousand common shares at per share prices ranging from $56.94 to $76.63 for the year ended December 31, 2025.
•Outstanding options to purchase 57 thousand and 81 thousand common shares at per share prices ranging from $44.44 to $76.63 for the years ended December 31, 2024 and 2023, respectively.
•The effect of 116 thousand contingently issuable performance share units granted during 2024 for the year ended December 31, 2024.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Feb 23, 2023
2021Feb 23, 2022
2020Feb 25, 2021
2019Feb 25, 2020
2018Feb 28, 2019
2017Mar 1, 2018
2016Mar 1, 2017
2015Feb 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.

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