FIRST HAWAIIAN, INC. Earnings Per Share Disclosure
19. Earnings per Share
For the years ended 2025, 2024 and 2023, the Company made no adjustments to net income for the purpose of computing earnings per share and there were nil, nil and 574,000 antidilutive securities, respectively.
The computations of basic and diluted earnings per share were as follows for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, | ||||||||||
(dollars in thousands, except shares and per share amounts) | | 2025 | | 2024 | | 2023 |
| |||
Numerator: | ||||||||||
Net income | $ | 276,266 | $ | 230,129 | $ | 234,983 | ||||
Denominator: | ||||||||||
Basic: weighted-average shares outstanding | 124,793,785 | 127,702,573 | 127,567,547 | |||||||
Add: weighted-average equity-based awards | 715,361 | 623,292 | 348,326 | |||||||
Diluted: weighted-average shares outstanding | 125,509,146 | 128,325,865 | 127,915,873 | |||||||
Basic earnings per share | $ | 2.21 | $ | 1.80 | $ | 1.84 | ||||
Diluted earnings per share | $ | 2.20 | $ | 1.79 | $ | 1.84 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 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.