Goldman Sachs BDC, Inc. Earnings Per Share Disclosure
The following information sets forth the computation of basic and diluted earnings per share:
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For the Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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Net increase (decrease) in net assets from operations |
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$ |
119,267 |
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$ |
62,867 |
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$ |
195,874 |
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Weighted average shares outstanding |
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115,576,890 |
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114,673,460 |
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108,305,428 |
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Basic and diluted earnings (loss) per share |
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$ |
1.03 |
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$ |
0.55 |
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$ |
1.81 |
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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.