HA Sustainable Infrastructure Capital, Inc. Earnings Per Share Disclosure
| Year ended December 31, | |||||||||||||||||
| Numerator: | 2025 | 2024 | 2023 | ||||||||||||||
(dollars in thousands, except share and per share data) | |||||||||||||||||
Net income (loss) attributable to controlling stockholders and participating securities | $ | 184,547 | $ | 200,037 | $ | 148,836 | |||||||||||
| Less: Dividends and distributions on participating securities | (1,918) | (1,492) | (996) | ||||||||||||||
| Less: Undistributed earnings attributable to participating securities | — | (37) | — | ||||||||||||||
Net income (loss) attributable to controlling stockholders—basic | $ | 182,629 | $ | 198,508 | $ | 147,840 | |||||||||||
Add: Interest expense related to Convertible Notes under the if converted method | 12,031 | 12,610 | 7,469 | ||||||||||||||
| Add: Undistributed earnings attributable to participating securities | — | 37 | — | ||||||||||||||
Net income (loss) attributable to controlling stockholders—dilutive | $ | 194,660 | $ | 211,155 | $ | 155,309 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average number of common shares—basic | 122,975,541 | 115,548,087 | 101,844,551 | ||||||||||||||
| Weighted-average number of common shares—diluted | 138,183,870 | 130,501,006 | 109,467,554 | ||||||||||||||
| Basic earnings per common share | $ | 1.49 | $ | 1.72 | $ | 1.45 | |||||||||||
| Diluted earnings per common share | $ | 1.41 | $ | 1.62 | $ | 1.42 | |||||||||||
| Securities being allocated a portion of earnings: | |||||||||||||||||
| Weighted-average number of OP units | 1,681,893 | 1,535,425 | 1,314,182 | ||||||||||||||
| Participating securities: | |||||||||||||||||
| Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end | 1,124,309 | 880,352 | 612,742 | ||||||||||||||
Potentially dilutive securities as of period end that were not dilutive for the presented periods: | |||||||||||||||||
| Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions | 1,124,309 | 880,352 | 612,742 | ||||||||||||||
| Restricted stock units | — | 78,742 | 94,654 | ||||||||||||||
| LTIP Units with market-based vesting conditions | 119,735 | 407,584 | 493,858 | ||||||||||||||
LTIP Units with performance-based vesting conditions | 247,761 | 128,024 | — | ||||||||||||||
Potential shares of common stock related to Convertible Notes | — | 3,568,862 | 3,549,083 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Mar 1, 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.