Moelis & Co Earnings Per Share Disclosure
The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the years ended December 31, 2025, 2024 and 2023 are presented below.
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Year Ended December 31, |
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(dollars in thousands, except per share amounts) |
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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 (loss) attributable to holders of shares of Class A common stock—basic |
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$ |
233,037 |
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|
$ |
136,020 |
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|
$ |
(24,700) |
Add (deduct) dilutive effect of: |
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Noncontrolling interests related to Class A partnership units |
(a) |
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(a) |
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|
(a) |
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Net income (loss) attributable to holders of shares of Class A common stock—diluted |
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$ |
233,037 |
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|
$ |
136,020 |
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|
$ |
(24,700) |
Denominator: |
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Weighted average shares of Class A common stock outstanding—basic |
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75,028,237 |
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71,876,838 |
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|
68,501,018 |
Add (deduct) dilutive effect of: |
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Noncontrolling interests related to Class A partnership units |
(a) |
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(a) |
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(a) |
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Weighted average number of incremental shares issuable from unvested RSUs and stock options, as calculated using the treasury stock method |
(b) |
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4,204,506 |
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(b) |
|
4,735,110 |
|
(b)(c) |
|
— |
Weighted average shares of Class A common stock outstanding—diluted |
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|
79,232,743 |
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|
|
76,611,948 |
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|
68,501,018 |
Net income (loss) per share attributable to holders of shares of Class A common stock |
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Basic |
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$ |
3.11 |
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$ |
1.89 |
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$ |
(0.36) |
Diluted |
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$ |
2.94 |
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|
$ |
1.78 |
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|
$ |
(0.36) |
We have not included the impact of Class B common stock because these shares are entitled to an insignificant amount of economic participation.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Mar 14, 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.