IES Holdings, Inc.IESC

IES Holdings, Inc. Earnings Per Share Disclosure

10-KFiled Nov 21, 20252 min read
6. PER SHARE INFORMATION

Basic earnings per share is calculated as income (loss) available to common stockholders, divided by the weighted average number of common shares outstanding during the period. If the effect is dilutive, participating securities are included in the computation of basic earnings per share. Our participating securities do not have a contractual obligation to share in the losses in any given period. As a result, these participating securities will not be allocated any losses in the periods of net losses, but will be allocated income in the periods of net income using the two-class method.

The following table reconciles the components of the basic and diluted earnings per share for the years ended September 30, 2025, 2024 and 2023:
Year Ended September 30,
202520242023
Numerator:
Net income attributable to IES Holdings, Inc.$305,975 $219,116 $108,288 
Increase in noncontrolling interest(2,917)(17,140)(15,701)
Net income attributable to restricted shareholders of IES Holdings, Inc.— — (11)
Net income attributable to common shareholders of IES Holdings, Inc.$303,058 $201,976 $92,576 
Denominator:
Weighted average common shares outstanding — basic19,917,463 20,160,143 20,196,850 
Effect of dilutive stock options and non-vested securities265,334 254,789 216,182 
Weighted average common and common equivalent shares outstanding — diluted20,182,797 20,414,932 20,413,032 
Earnings per share attributable to common shareholders of IES Holdings, Inc.:
Basic$15.22 $10.02 $4.58 
Diluted$15.02 $9.89 $4.54 
Potentially dilutive securities excluded from the computation of diluted earnings per share as the effect of their inclusion would have been anti-dilutive:
Employee PSUs4,789 — — 

For the years ended September 30, 2025, 2024 and 2023, the average price of our common stock exceeded the exercise price of outstanding stock options; therefore, all of our outstanding stock options were included in the computation of diluted earnings per
share. For the years ended September 30, 2025, 2024 and 2023, there were no other unvested performance awards excluded from the calculation of diluted earnings per share because the inclusion of such instruments would have been anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Nov 21, 2025Showing above
2024Nov 22, 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.

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