Murphy USA Inc.MUSA

Murphy USA Inc. Earnings Per Share Disclosure

10-KFiled Feb 18, 20262 min read
Earnings Per Share
Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted-average of common shares outstanding during the period.  Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.
 
On December 1, 2021, the Board of Directors approved a share repurchase authorization of up to $1 billion to begin upon completion of the $500 million authorization made in October 2020. The 2021 authorization was completed in October 2023. On May 2, 2023, the Board of Directors approved another share repurchase authorization of up to $1.5 billion, excluding excise taxes, to be executed by December 31, 2028. On October 29, 2025, the Company announced that the Board of Directors approved a new share repurchase authorization
of up to $2.0 billion, excluding excise taxes, to be executed by December 31, 2030. This authorization will commence at the conclusion of the existing 2023 authorization.

During the year 2025, the total number of share repurchases were 1,536,701 common shares for approximately $652.0 million, at an average price of $424.28 per share, including brokerage fees and accrued excise taxes, under the 2023 $1.5 billion authorization, leaving approximately $291.9 million remaining available, as of December 31, 2025.

During the years 2024 and 2023, the total number of share repurchases were 938,528 common shares for $446.6 million, at an average price of $475.86 per share and 1,026,300 common shares for $336.2 million, at an average price of $327.55 per share, respectively.

The following table provides a reconciliation of basic and diluted earnings per share computations for the years ended December 31, 2025, 2024 and 2023.

 Years ended December 31,
(Millions of dollars, except share and per share amounts)202520242023
Earnings per common share:   
Net income per share - basic
Net income attributable to common stockholders$470.6 $502.5 $556.8 
Weighted-average common shares outstanding (in thousands)19,303 20,533 21,493 
Earnings per common share$24.38 $24.47 $25.91 
Earnings per common share - assuming dilution:
Net income per share - diluted
Net income attributable to common stockholders$470.6 $502.5 $556.8 
Weighted-average common shares outstanding (in thousands)19,303 20,533 21,493 
Common equivalent shares:   
Share-based awards223 309 350 
Weighted-average common shares outstanding - assuming dilution (in thousands)19,526 20,842 21,843 
Earnings per common share assuming dilution$24.10 $24.11 $25.49 
 
We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and are reported in the table below.
Years ended December 31,
Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive202520242023
Stock Options56,391 28,929 34,133 
RSUs7,429 13 44 
PSUs— 452 — 
Total anti-dilutive shares63,820 29,394 34,177 
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Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 20, 2025
2023Feb 16, 2024
2022Feb 15, 2023
2021Feb 17, 2022
2020Feb 19, 2021
2019Feb 18, 2020
2018Feb 19, 2019
2017Feb 20, 2018
2016Feb 22, 2017
2015Feb 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.

Other Available Disclosures

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