HCI Group, Inc. Earnings Per Share Disclosure
Note 17 -- Earnings Per Share
The computations of basic and diluted earnings per share for the periods presented were as follows:
|
|
Income |
|
|
Shares (a) |
|
|
Per Share |
|
|||
Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
320,395 |
|
|
|
|
|
|
|
||
Less: Net income attributable to noncontrolling |
|
|
(21,390 |
) |
|
|
|
|
|
|
||
Net income after noncontrolling interests |
|
|
299,005 |
|
|
|
|
|
|
|
||
Less: Income attributable to participating securities |
|
|
(12,041 |
) |
|
|
|
|
|
|
||
Basic Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|||
Income allocated to common stockholders |
|
|
286,964 |
|
|
|
11,675 |
|
|
$ |
24.58 |
|
Effect of Dilutive Securities: |
|
|
|
|
|
|
|
|
|
|||
Stock options |
|
|
— |
|
|
|
397 |
|
|
|
|
|
Convertible senior notes |
|
|
4,879 |
|
|
|
799 |
|
|
|
|
|
Warrants |
|
|
— |
|
|
|
7 |
|
|
|
|
|
Net impact from reallocation of |
|
|
803 |
|
|
|
— |
|
|
|
|
|
Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|||
Income available to common stockholders |
|
$ |
292,646 |
|
|
|
12,878 |
|
|
$ |
22.72 |
|
|
|
Income |
|
|
Shares (a) |
|
|
Per Share |
|
|||
Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
127,581 |
|
|
|
|
|
|
|
||
Less: Net income attributable to redeemable |
|
|
(10,149 |
) |
|
|
|
|
|
|
||
Less: Net income attributable to noncontrolling |
|
|
(7,479 |
) |
|
|
|
|
|
|
||
Net income after noncontrolling interests |
|
|
109,953 |
|
|
|
|
|
|
|
||
Less: Income attributable to participating securities |
|
|
(4,110 |
) |
|
|
|
|
|
|
||
Basic Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|||
Income allocated to common stockholders |
|
|
105,843 |
|
|
|
9,997 |
|
|
$ |
10.59 |
|
Effect of Dilutive Securities: |
|
|
|
|
|
|
|
|
|
|||
Stock options |
|
|
— |
|
|
|
294 |
|
|
|
|
|
Convertible senior notes |
|
|
6,908 |
|
|
|
2,177 |
|
|
|
|
|
Warrants |
|
|
— |
|
|
|
218 |
|
|
|
|
|
Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|||
Income available to common stockholders |
|
$ |
112,751 |
|
|
|
12,686 |
|
|
$ |
8.89 |
|
|
|
Income |
|
|
Shares (a) |
|
|
Per Share |
|
|||
Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
89,257 |
|
|
|
|
|
|
|
||
Less: Net income attributable to redeemable |
|
|
(9,370 |
) |
|
|
|
|
|
|
||
Less: Net income attributable to noncontrolling |
|
|
(853 |
) |
|
|
|
|
|
|
||
Net income after noncontrolling interests |
|
|
79,034 |
|
|
|
|
|
|
|
||
Less: Income attributable to participating securities |
|
|
(2,625 |
) |
|
|
|
|
|
|
||
Basic Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|||
Income allocated to common stockholders |
|
|
76,409 |
|
|
|
8,367 |
|
|
$ |
9.13 |
|
Effect of Dilutive Securities: |
|
|
|
|
|
|
|
|
|
|||
Stock options |
|
|
— |
|
|
|
83 |
|
|
|
|
|
Convertible senior notes |
|
|
7,732 |
|
|
|
2,538 |
|
|
|
|
|
Warrants |
|
|
— |
|
|
|
56 |
|
|
|
|
|
Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|||
Income available to common stockholders |
|
$ |
84,141 |
|
|
|
11,044 |
|
|
$ |
7.62 |
|
For the periods presented, all potentially dilutive securities for Exzeo were excluded from Exzeo's diluted earnings per share computation because their (i) effect would be anti-dilutive, (ii) exercise price was “out-of-the-money,” or (iii) contingent exercise conditions were unsatisfied.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 8, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 10, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 6, 2020 | |
| 2018 | Mar 8, 2019 | |
| 2017 | Mar 7, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Mar 4, 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.