M/I HOMES, INC. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| (In thousands, except per share amounts) | 2025 | 2024 | 2023 | ||||||||||||||
| NUMERATOR | |||||||||||||||||
| Net income | $ | 402,941 | $ | 563,725 | $ | 465,365 | |||||||||||
| DENOMINATOR | |||||||||||||||||
| Basic weighted average shares outstanding | 26,730 | 27,777 | 27,769 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Stock option awards | 475 | 719 | 639 | ||||||||||||||
| Deferred compensation awards | 133 | 104 | 308 | ||||||||||||||
| Diluted weighted average shares outstanding - adjusted for assumed conversions | 27,338 | 28,600 | 28,716 | ||||||||||||||
| Earnings per common share | |||||||||||||||||
| Basic | $ | 15.07 | $ | 20.29 | $ | 16.76 | |||||||||||
| Diluted | $ | 14.74 | $ | 19.71 | $ | 16.21 | |||||||||||
| Anti-dilutive equity awards not included in the calculation of diluted earnings per common share | — | — | — | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 26, 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.