Natural Grocers by Vitamin Cottage, Inc. Earnings Per Share Disclosure
4. Earnings Per Share
Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company.
The following table presents the Company’s basic and diluted EPS for the years ended September 30, 2025, 2024 and 2023, dollars in thousands, except per share data:
|
Year ended September 30, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Net income |
$ | 46,444 | 33,935 | 23,243 | ||||||||
|
Weighted average number of shares of common stock outstanding |
22,936,194 | 22,774,825 | 22,725,088 | |||||||||
|
Effect of dilutive securities |
319,080 | 309,078 | 109,228 | |||||||||
|
Weighted average number of shares of common stock outstanding including the effect of dilutive securities |
23,255,274 | 23,083,903 | 22,834,316 | |||||||||
|
Basic earnings per share |
$ | 2.02 | 1.49 | 1.02 | ||||||||
|
Diluted earnings per share |
$ | 2.00 | 1.47 | 1.02 | ||||||||
There were 32,096, 27,944 and 62,752 non-vested restricted stock units for the years ended September 30, 2025, 2024 and 2023, respectively, excluded from the calculation of diluted EPS as they are antidilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 11, 2025 | Showing above |
| 2024 | Dec 12, 2024 | |
| 2023 | Dec 7, 2023 | |
| 2022 | Dec 8, 2022 | |
| 2021 | Dec 9, 2021 | |
| 2020 | Dec 10, 2020 | |
| 2019 | Dec 5, 2019 | |
| 2018 | Dec 6, 2018 | |
| 2017 | Dec 7, 2017 | |
| 2016 | Dec 8, 2016 | |
| 2015 | Dec 10, 2015 | |
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.