MGIC INVESTMENT CORP Earnings Per Share Disclosure
Earnings Per Share | |||||||||||||||||||||||
| Table | 4.1 | ||||||||||||||||||||||
| Years Ended December 31, | |||||||||||||||||||||||
| (In thousands, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||||||||
| Basic earnings per share: | |||||||||||||||||||||||
| Net income | $ | 738,347 | $ | 762,994 | $ | 712,949 | |||||||||||||||||
| Weighted average common shares outstanding - basic | 232,975 | 261,684 | 283,605 | ||||||||||||||||||||
| Basic earnings per share | $ | 3.17 | $ | 2.92 | $ | 2.51 | |||||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||||
| Net Income | $ | 738,347 | $ | 762,994 | $ | 712,949 | |||||||||||||||||
Interest expense, net of tax (1): | |||||||||||||||||||||||
| 9% Debentures | — | — | 1,026 | ||||||||||||||||||||
| Diluted income available to common shareholders | $ | 738,347 | $ | 762,994 | $ | 713,975 | |||||||||||||||||
| Weighted-average shares - basic | 232,975 | 261,684 | 283,605 | ||||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
| Unvested restricted stock units | 2,124 | 2,311 | 2,427 | ||||||||||||||||||||
| 9% Debentures | — | — | 1,123 | ||||||||||||||||||||
| Weighted average common shares outstanding - diluted | 235,099 | 263,995 | 287,155 | ||||||||||||||||||||
| Diluted income per share | $ | 3.14 | $ | 2.89 | $ | 2.49 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 21, 2017 | |
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.