FIRST HORIZON CORP Earnings Per Share Disclosure
| (Dollars in millions, except per share data; shares in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net income | $ | 998 | $ | 794 | $ | 916 | ||||||||||||||
| Net income attributable to noncontrolling interest | 16 | 19 | 19 | |||||||||||||||||
| Net income attributable to controlling interest | 982 | 775 | 897 | |||||||||||||||||
| Preferred stock dividends | 26 | 37 | 32 | |||||||||||||||||
| Net income available to common shareholders | $ | 956 | $ | 738 | $ | 865 | ||||||||||||||
| Weighted average common shares outstanding—basic | 505,130 | 540,317 | 548,410 | |||||||||||||||||
| Effect of dilutive restricted stock, performance equity awards and options | 5,977 | 3,968 | 3,802 | |||||||||||||||||
| Effect of dilutive convertible preferred stock (a) | — | — | 9,520 | |||||||||||||||||
| Weighted average common shares outstanding—diluted | 511,107 | 544,285 | 561,732 | |||||||||||||||||
| Basic earnings per common share | $ | 1.89 | $ | 1.37 | $ | 1.58 | ||||||||||||||
| Diluted earnings per common share | $ | 1.87 | $ | 1.36 | $ | 1.54 | ||||||||||||||
(a) On February 28, 2022, FHN issued $494 million of Series G Convertible Preferred Stock, which was converted into common stock on June 26, 2023, following the termination of the TD Merger Agreement. Conversion occurred at the rate of 4,000 common shares per Series G preferred share resulting in 19,742,776 additional common shares outstanding. 2023 includes the impact of the Series G based on the final conversion rate. | ||||||||||||||||||||
| (Shares in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Stock options excluded from the calculation of diluted EPS | — | 26 | — | |||||||||||||||||
| Weighted average exercise price of stock options excluded from the calculation of diluted EPS | $ | — | $ | 19.73 | $ | 24.36 | ||||||||||||||
| Other equity awards excluded from the calculation of diluted EPS | 2,398 | 2,439 | 2,242 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 23, 2024 | |
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.