Gaming & Leisure Properties, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Determination of shares: | |||||||||||||||||
| Weighted-average common shares outstanding | 279,605 | 272,802 | 264,053 | ||||||||||||||
| Assumed conversion of restricted stock awards (1) | 127 | 160 | 156 | ||||||||||||||
Assumed conversion of performance-based restricted stock awards | 203 | 540 | 784 | ||||||||||||||
| Dilution attributable to equity forward contract | 108 | 32 | — | ||||||||||||||
| Diluted weighted-average common shares outstanding | 280,043 | 273,534 | 264,993 | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
| Calculation of basic EPS: | |||||||||||||||||
| Net income attributable to common shareholders | $ | 825,111 | $ | 784,620 | $ | 734,283 | |||||||||||
| Less: Net income allocated to participating securities | (741) | (459) | (434) | ||||||||||||||
| Net income for earnings per share purposes | $ | 824,370 | $ | 784,161 | $ | 733,849 | |||||||||||
| Weighted-average common shares outstanding | 279,605 | 272,802 | 264,053 | ||||||||||||||
| Basic EPS | $ | 2.95 | $ | 2.87 | $ | 2.78 | |||||||||||
| Calculation of diluted EPS: | |||||||||||||||||
| Net income attributable to common shareholders | $ | 825,111 | $ | 784,620 | $ | 734,283 | |||||||||||
| Diluted weighted-average common shares outstanding (1) | 279,916 | 273,534 | 264,993 | ||||||||||||||
| Diluted EPS | $ | 2.95 | $ | 2.87 | $ | 2.77 | |||||||||||
| Antidilutive securities excluded from the computation of diluted earnings per share | 24 | 25 | 103 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
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.