KB HOME Earnings Per Share Disclosure
Years Ended November 30, | |||||
2025 | 2024 | 2023 | |||
Numerator: | |||||
Net income | $428,789 | $655,018 | $590,177 | ||
Less: Distributed earnings allocated to participating securities | (426) | (527) | (413) | ||
Less: Undistributed earnings allocated to participating securities | (2,244) | (4,301) | (3,861) | ||
Numerator for basic earnings per share | 426,119 | 650,190 | 585,903 | ||
Effect of dilutive securities: | |||||
Add: Undistributed earnings allocated to participating securities | 2,244 | 4,301 | 3,861 | ||
Less: Undistributed earnings reallocated to participating securities | (2,200) | (4,179) | (3,744) | ||
Numerator for diluted earnings per share | $426,163 | $650,312 | $586,020 | ||
Denominator: | |||||
Weighted average shares outstanding — basic | 67,905 | 74,753 | 80,842 | ||
Effect of dilutive securities: | |||||
Share-based payments | 1,349 | 2,202 | 2,538 | ||
Weighted average shares outstanding — diluted | 69,254 | 76,955 | 83,380 | ||
Basic earnings per share | $6.28 | $8.70 | $7.25 | ||
Diluted earnings per share | $6.15 | $8.45 | $7.03 | ||
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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.