GETTY REALTY CORP /MD/ Earnings Per Share Disclosure
NOTE 10. — EARNINGS PER COMMON SHARE
Basic and diluted earnings per common share gives effect, utilizing the two-class method, to the potential dilution from the issuance of shares of our common stock in settlement of RSUs which provide for non-forfeitable dividend equivalents equal to the dividends declared per common share. Basic and diluted earnings per common share is computed by dividing net earnings less dividend equivalents attributable to RSUs by the weighted average number of common shares outstanding during the year.
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (in thousands except per share data):
|
|
Year ended December 31, |
|
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net earnings |
|
$ |
79,192 |
|
|
$ |
71,064 |
|
|
$ |
60,151 |
|
Less dividend equivalents attributable to RSUs outstanding |
|
|
(3,149 |
) |
|
|
(2,625 |
) |
|
|
(2,208 |
) |
Net earnings attributable to common stockholders used in basic |
|
$ |
76,043 |
|
|
$ |
68,439 |
|
|
$ |
57,943 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
|
56,316 |
|
|
|
54,305 |
|
|
|
50,020 |
|
Incremental shares from stock-based compensation |
|
|
64 |
|
|
|
75 |
|
|
|
72 |
|
Incremental shares from the equity offering forward agreements |
|
|
68 |
|
|
|
146 |
|
|
|
— |
|
Incremental shares from ATM Program forward agreements |
|
|
11 |
|
|
|
26 |
|
|
|
124 |
|
Diluted |
|
|
56,459 |
|
|
|
54,552 |
|
|
|
50,216 |
|
Basic earnings per common share |
|
$ |
1.35 |
|
|
$ |
1.26 |
|
|
$ |
1.16 |
|
Diluted earnings per common share |
|
|
1.35 |
|
|
|
1.25 |
|
|
|
1.15 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
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.