HOULIHAN LOKEY, INC. Earnings Per Share Disclosure
Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to Houlihan Lokey, Inc. | $ | 425,697 | $ | 399,711 | $ | 280,301 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted average shares of common stock outstanding — basic | 66,547,768 | 65,724,473 | 64,337,975 | ||||||||||||||
| Weighted average number of incremental shares pertaining to unvested restricted stock and issuable in respect of unvested restricted stock units, as-calculated using the treasury stock method | 1,887,128 | 2,933,874 | 3,821,415 | ||||||||||||||
| Weighted average shares of common stock outstanding — diluted | 68,434,896 | 68,658,347 | 68,159,390 | ||||||||||||||
| Basic earnings per share | $ | 6.40 | $ | 6.08 | $ | 4.36 | |||||||||||
| Diluted earnings per share | $ | 6.22 | $ | 5.82 | $ | 4.11 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 22, 2026 | Showing above |
| 2025 | May 15, 2025 | |
| 2024 | May 21, 2024 | |
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.