First American Financial Corp Earnings Per Share Disclosure
NOTE 15. Earnings Per Share:
The computation of basic and diluted earnings per share is as follows:
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(in millions, except per share data) |
|
|||||||||
Numerator |
|
|
|
|
|
|
|
|
|
|||
Net income attributable to the Company |
|
$ |
621.8 |
|
|
$ |
131.1 |
|
|
$ |
216.8 |
|
Denominator |
|
|
|
|
|
|
|
|
|
|||
Basic weighted-average shares |
|
|
103.3 |
|
|
|
103.9 |
|
|
|
104.3 |
|
Effect of dilutive RSUs and PRSUs |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
0.3 |
|
Diluted weighted-average shares |
|
|
103.7 |
|
|
|
104.3 |
|
|
|
104.6 |
|
Net income per share attributable to the Company’s |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
6.02 |
|
|
$ |
1.26 |
|
|
$ |
2.08 |
|
Diluted |
|
$ |
6.00 |
|
|
$ |
1.26 |
|
|
$ |
2.07 |
|
For the years ended December 31, 2025, 2024, and 2023, 15 thousand, 44 thousand and 8 thousand RSUs, respectively, and 30 thousand, 45 thousand and 13 thousand PRSUs, respectively, were excluded from the weighted-average diluted common shares outstanding due to their antidilutive effect.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 19, 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.