KIRBY CORP Earnings Per Share Disclosure
(10) Earnings Per Share
The following table presents the components of basic and diluted earnings per share (in thousands, except per share amounts):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net earnings attributable to Kirby |
|
$ |
354,569 |
|
|
$ |
286,707 |
|
|
$ |
222,935 |
|
Undistributed earnings allocated to restricted shares |
|
|
(51 |
) |
|
|
(37 |
) |
|
|
(62 |
) |
Earnings available to Kirby common stockholders — basic |
|
|
354,518 |
|
|
|
286,670 |
|
|
|
222,873 |
|
Undistributed earnings allocated to restricted shares |
|
|
51 |
|
|
|
37 |
|
|
|
62 |
|
Undistributed earnings reallocated to restricted shares |
|
|
(50 |
) |
|
|
(36 |
) |
|
|
(62 |
) |
Earnings available to Kirby common stockholders — diluted |
|
$ |
354,519 |
|
|
$ |
286,671 |
|
|
$ |
222,873 |
|
|
|
|
|
|
|
|
|
|
|
|||
Shares outstanding: |
|
|
|
|
|
|
|
|
|
|||
Weighted average common stock issued and outstanding |
|
|
55,701 |
|
|
|
57,954 |
|
|
|
59,548 |
|
Weighted average unvested restricted stock |
|
|
(7 |
) |
|
|
(7 |
) |
|
|
(17 |
) |
Weighted average common stock outstanding — basic |
|
|
55,694 |
|
|
|
57,947 |
|
|
|
59,531 |
|
Dilutive effect of stock options and restricted stock units |
|
|
351 |
|
|
|
408 |
|
|
|
326 |
|
Weighted average common stock outstanding — diluted |
|
|
56,045 |
|
|
|
58,355 |
|
|
|
59,857 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net earnings per share attributable to Kirby common stockholders: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
6.37 |
|
|
$ |
4.95 |
|
|
$ |
3.74 |
|
Diluted |
|
$ |
6.33 |
|
|
$ |
4.91 |
|
|
$ |
3.72 |
|
Diluted earnings per share was computed using the treasury stock method. Certain outstanding options to purchase approximately 33,000 shares of common stock were excluded in the computation of diluted earnings per share as of December 31, 2023 as such stock options would have been antidilutive. No options were antidilutive at December 31, 2025 and 2024. No RSUs were antidilutive at December 31, 2025, 2024 and 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 22, 2016 | |
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.