MODINE MANUFACTURING CO Earnings Per Share Disclosure
Note 9: Earnings Per Share
The components of basic and diluted earnings per share were as follows:
Years ended March 31, | |||||||||
| 2025 |
| 2024 |
| 2023 | ||||
Net earnings attributable to Modine | $ | 184.0 | $ | 161.5 | $ | 153.1 | |||
Weighted-average shares outstanding – basic |
| 52.6 |
| 52.4 |
| 52.3 | |||
Effect of dilutive securities |
| 1.3 |
| 1.0 |
| 0.5 | |||
Weighted-average shares outstanding – diluted |
| 53.9 |
| 53.4 |
| 52.8 | |||
Earnings per share: | |||||||||
Net earnings per share – basic | $ | 3.50 | $ | 3.08 | $ | 2.93 | |||
Net earnings per share – diluted | $ | 3.42 | $ | 3.03 | $ | 2.90 | |||
For fiscal 2025 and 2024 there were no securities that were anti-dilutive. For fiscal 2023, the calculation of diluted earnings per share excluded 0.5 million and 0.2 million of stock options and restricted stock awards, respectively, because they were anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | May 21, 2025 | Showing above |
| 2024 | May 22, 2024 | |
| 2023 | May 25, 2023 | |
| 2022 | May 26, 2022 | |
| 2021 | May 27, 2021 | |
| 2020 | May 29, 2020 | |
| 2019 | May 23, 2019 | |
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.