Madison Square Garden Sports Corp. Earnings Per Share Disclosure
| Years Ended June 30, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Net (loss) income allocable to common shares, basic and diluted (numerator): | ||||||||||||||||||||
| Net (loss) income attributable to Madison Square Garden Sports Corp.’s stockholders | $ | (22,438) | $ | 58,771 | $ | 47,793 | ||||||||||||||
Less: Dividends to other-than-common stockholders (a) | 19 | — | 2,042 | |||||||||||||||||
| Net (loss) earnings allocable to common shares, basic and diluted (numerator): | $ | (22,457) | $ | 58,771 | $ | 45,751 | ||||||||||||||
Weighted-average shares (denominator): | ||||||||||||||||||||
| Weighted-average shares for basic EPS | 24,089 | 24,011 | 24,090 | |||||||||||||||||
| Dilutive effect of shares issuable under share-based compensation plans | — | 85 | 104 | |||||||||||||||||
| Weighted-average shares for diluted EPS | 24,089 | 24,096 | 24,194 | |||||||||||||||||
| Weighted-average shares excluded from diluted earnings per share | 82 | — | — | |||||||||||||||||
| Basic (loss) earnings per common share attributable to Madison Square Garden Sports Corp’s stockholders | $ | (0.93) | $ | 2.45 | $ | 1.90 | ||||||||||||||
| Diluted (loss) earnings per common share attributable to Madison Square Garden Sports Corp’s stockholders | $ | (0.93) | $ | 2.44 | $ | 1.89 | ||||||||||||||
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.