Global Indemnity Group, LLC Earnings Per Share Disclosure
18. Earnings Per Share
Earnings per share was computed using the weighted average number of common shares and common share equivalents outstanding during the period.
The following table sets forth the computation of basic and diluted earnings per share attributable to class A common shares, class A common shares designated as class A-2 common shares, and class B common shares:
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Years Ended December 31, |
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(Dollars in thousands, except share and per share data) |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net income |
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$ |
25,333 |
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$ |
43,241 |
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$ |
25,429 |
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Less: preferred stock distributions |
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440 |
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|
440 |
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|
440 |
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Net income available to common shareholders |
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$ |
24,893 |
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$ |
42,801 |
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$ |
24,989 |
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Denominator: |
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Weighted average shares for basic earnings per share |
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14,192,310 |
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13,635,582 |
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13,553,168 |
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Non-vested restricted stock units |
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— |
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— |
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49,616 |
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Options |
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68,163 |
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70,133 |
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63,624 |
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Weighted average shares for diluted earnings per share |
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14,260,473 |
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13,705,715 |
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13,666,408 |
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Net income per share available to common shareholders |
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Basic |
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$ |
1.75 |
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$ |
3.14 |
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$ |
1.84 |
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Diluted |
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$ |
1.75 |
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$ |
3.12 |
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$ |
1.83 |
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The weighted average shares outstanding used to determine dilutive earnings per share for the years ended December 31, 2025 and 2024 does not include 483,338 and 550,000 options, respectively, which were deemed to be anti-dilutive. The year ended December 31, 2023 did not have any options that were deemed to be anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 6, 2020 | |
| 2018 | Mar 14, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Mar 14, 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.