FTAI Aviation Ltd.FTAI

FTAI Aviation Ltd. Earnings Per Share Disclosure

10-KFiled Feb 27, 20262 min read
14. EARNINGS PER SHARE AND EQUITY
Basic earnings per ordinary share (“EPS”) is calculated by dividing net income (loss) attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.
The calculation of basic and diluted EPS is presented below.
Year Ended December 31,
(in thousands, except share and per share data)202520242023
Net income from continuing operations
$501,064 $8,682 $243,817 
Net income
501,064 8,682 243,817 
Less: Dividends on preferred shares17,243 32,763 31,795 
Less: Loss on redemption of preferred shares6,327 7,998 — 
Net (loss) income attributable to shareholders$477,494 $(32,079)$212,022 
Weighted Average Ordinary Shares Outstanding - Basic
102,563,486 101,538,835 99,908,214 
Weighted Average Ordinary Shares Outstanding - Diluted103,846,914 101,538,835 100,425,777 
Earnings (loss) per share:
Basic$4.66 $(0.32)$2.12 
Diluted$4.60 $(0.32)$2.11 
There were no shares excluded from the calculation of Diluted EPS for the years ended December 31, 2025, 2024 and 2023, respectively, because the impact would be anti-dilutive.
Ordinary shares issued to certain directors as compensation were 1,869, 6,148 and 26,287 for the years ended December 31, 2025, 2024 and 2023, respectively.
Ordinary Shares
In May 2024, in connection with the Internalization and termination of the Management Agreement, the Company issued 1,866,949 ordinary shares, par value $0.01 per share, at a price of $80.34 per share, to its Former Manager.
Preferred Shares
In March 2023, in a public offering, the Company issued 2,600,000 shares of 9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds before expenses of $63.0 million.
In October 2024, the Company redeemed in full the outstanding 4,180,000 8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $1.6 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of October 29, 2024.
In February 2025, the Company redeemed in full the outstanding 4,940,000 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $2.4 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of February 16, 2025.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Mar 3, 2025
2023Feb 26, 2024
2022Feb 27, 2023
2021Feb 28, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Feb 28, 2019
2017Mar 1, 2018
2016Feb 24, 2017
2015Mar 10, 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.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew Standards