KAISER ALUMINUM CORP Earnings Per Share Disclosure
Basic net income per share is computed by dividing distributed and undistributed net income allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Basic and diluted net income per share was calculated under the two-class method for the years ended December 31, 2025, 2024, and 2023.
The following table sets forth the computation of basic and diluted net income per share (in millions of dollars, except share and per share amounts):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net income |
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112.5 |
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65.7 |
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67.8 |
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Less: earnings attributable to participating securities2 |
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— |
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— |
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(0.1 |
) |
Net income available to common shareholders |
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112.5 |
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65.7 |
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67.7 |
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Denominator – Weighted-average common shares |
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Basic |
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16,169 |
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16,069 |
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15,991 |
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Add: dilutive effect of non-vested common shares, |
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453 |
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250 |
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140 |
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Diluted |
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16,622 |
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16,319 |
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16,131 |
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Net income per common share, Basic |
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$ |
6.96 |
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$ |
4.08 |
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$ |
4.25 |
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Net income per common share, Diluted |
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$ |
6.77 |
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$ |
4.02 |
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$ |
4.21 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
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.