GLADSTONE CAPITAL CORP Earnings Per Share Disclosure
| Year Ended September 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator for basic net increase (decrease) in net assets resulting from operations per common share | $ | 57,191 | $ | 94,506 | $ | 42,668 | |||||||||||
Denominator for basic weighted average common shares(A) | 22,357,574 | 21,781,074 | 18,657,961 | ||||||||||||||
Basic net increase (decrease) in net assets resulting from operations per common share(A) | $ | 2.56 | $ | 4.34 | $ | 2.29 | |||||||||||
| Numerator for basic net increase (decrease) in net assets resulting from operations per common share | $ | 57,191 | $ | 94,506 | $ | 42,668 | |||||||||||
Adjustment for interest and amortization on 2030 Convertible Notes(A) | 517 | — | — | ||||||||||||||
Numerator for diluted net increase (decrease) in net assets resulting from operations per common share(A) | $ | 57,708 | $ | 94,506 | $ | 42,668 | |||||||||||
Denominator for basic weighted average common shares(A) | 22,357,574 | 21,781,074 | 18,657,961 | ||||||||||||||
| Adjustment for dilutive effect of 2030 Convertible Notes | 304,623 | — | — | ||||||||||||||
Denominator for diluted weighted average common shares(A) | 22,662,197 | 21,781,074 | 18,657,961 | ||||||||||||||
Diluted net increase (decrease) in net assets resulting from operations per common share(A)(B) | $ | 2.55 | $ | 4.34 | $ | 2.29 | |||||||||||
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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.