HENNESSY ADVISORS INC Earnings Per Share Disclosure
| (13) | Earnings per Share |
The weighted average common shares outstanding used in the calculation of basic earnings per share and weighted average common shares outstanding, adjusted for common stock equivalents, used in the computation of diluted earnings per share were as follows:
| September 30, | ||||||||
| 2025 | 2024 | |||||||
| Weighted average common stock outstanding, basic | 7,787,924 | 7,680,706 | ||||||
| Dilutive impact of RSUs | 41,023 | 41,075 | ||||||
| Weighted average common stock outstanding, diluted | 7,828,947 | 7,721,781 | ||||||
For fiscal years 2025 and 2024, the Company excluded 32,190 and 162,315 common stock equivalents, respectively, from the diluted earnings per share calculations because they were not dilutive. In each case, the excluded common stock equivalents consisted of non-vested RSUs.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 3, 2025 | Showing above |
| 2024 | Dec 11, 2024 | |
| 2023 | Dec 7, 2023 | |
| 2022 | Dec 7, 2022 | |
| 2021 | Nov 24, 2021 | |
| 2020 | Dec 1, 2020 | |
| 2019 | Dec 3, 2019 | |
| 2018 | Nov 28, 2018 | |
| 2017 | Dec 4, 2017 | |
| 2016 | Dec 1, 2016 | |
| 2015 | Nov 30, 2015 | |
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.