EXPEDITORS INTERNATIONAL OF WASHINGTON INC Earnings Per Share Disclosure
NOTE 6. BASIC AND DILUTED EARNINGS PER SHARE
Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan and unvested RSUs. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.
The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders.
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
Numerator: |
|
|
|
|
|
|
|
|
|
|||
|
Net earnings attributable to shareholders |
|
$ |
810,332 |
|
|
$ |
810,073 |
|
|
$ |
752,883 |
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|||
|
Weighted-average basic shares outstanding |
|
|
135,810 |
|
|
|
140,992 |
|
|
|
149,141 |
|
|
Effect of dilutive share-based awards |
|
|
439 |
|
|
|
730 |
|
|
|
1,045 |
|
|
Weighted-average diluted shares |
|
$ |
136,249 |
|
|
$ |
141,722 |
|
|
$ |
150,186 |
|
|
Basic earnings per share |
|
$ |
5.97 |
|
|
$ |
5.75 |
|
|
$ |
5.05 |
|
|
Diluted earnings per share |
|
$ |
5.95 |
|
|
$ |
5.72 |
|
|
$ |
5.01 |
|
Potential common shares of 308, 696 and 771 were excluded from the computation of diluted earnings per share because the effect would have been antidilutive in 2025, 2024 and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 15, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2015 | Feb 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.