Huron Consulting Group Inc.HURN
Huron Consulting Group Inc. Earnings Per Share Disclosure
Earnings Per Share
Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, unvested restricted stock units, and outstanding common stock options, to the extent dilutive. In periods for which we report a net loss, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss per share would be anti-dilutive.
Earnings per share under the basic and diluted computations are as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income | $ | 105,040 | $ | 116,626 | $ | 62,479 | |||||||||||
| Weighted average common shares outstanding—basic | 17,445 | 17,894 | 18,832 | ||||||||||||||
| Weighted average common stock equivalents | 546 | 719 | 769 | ||||||||||||||
| Weighted average common shares outstanding—diluted | 17,991 | 18,613 | 19,601 | ||||||||||||||
| Net income per basic share | $ | 6.02 | $ | 6.52 | $ | 3.32 | |||||||||||
| Net income per diluted share | $ | 5.84 | $ | 6.27 | $ | 3.19 | |||||||||||
The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above for the years ended December 31, 2025 and 2024 was less than 0.1 million and for the year ended December 31, 2023 was 0.1 million. The anti-dilutive securities related to unvested restricted stock and outstanding common stock options.
Share Repurchase Program
In November 2020, our board of directors authorized a share repurchase program permitting us to repurchase up to $50 million of our common stock through December 31, 2021. Subsequently, our board of directors authorized extensions of the share repurchase program through December 31, 2026 and increased the authorized amount to $700 million. In the first quarter of 2026, our board of directors authorized a further increase to the authorized amount under the share repurchase program from $700 million to $900 million. The amount and timing of repurchases under the share repurchase program were and will continue to be determined by management and depend on a variety of factors, including the trading price of our common stock, capacity under our credit facility, general market and business conditions, and applicable legal requirements.
During 2025, we repurchased and retired 1,166,077 shares for $166.2 million, which includes a $0.6 million accrual for excise taxes on the net share repurchases in 2025. Additionally, in 2025, we settled the repurchase of 5,103 shares for $0.6 million which were accrued as of December 31, 2024 and we paid $0.5 million for the excise taxes accrued on the net share repurchases in 2024.
During 2024, we repurchased and retired 1,218,434 shares for $122.2 million, which includes a $0.5 million accrual for excise taxes on the net share repurchases in 2024 and includes 5,103 shares for $0.6 million which were settled in the first quarter of 2025. Additionally, in 2024, we settled the repurchase of 10,000 shares for $1.0 million which were accrued as of December 31, 2023 and we paid $0.9 million for the excise taxes accrued on the net share purchases in 2023.
During 2023, we repurchased and retired 1,461,815 shares for $123.6 million, which includes a $0.9 million accrual for excise taxes on the net share repurchases in 2023 and includes 10,000 shares for $1.0 million which were settled in the first quarter of 2024. Additionally, in the first quarter of 2023, we settled the repurchase of 15,200 shares for $1.1 million which were accrued as of December 31, 2022.
As of December 31, 2025, $99.0 million remained available for share repurchases under our share repurchase program.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.