NATIONAL HEALTH INVESTORS INC Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income attributable to common stockholders - basic and diluted | $ | 141,976 | $ | 137,867 | $ | 135,597 | |||||||||||
| Weighted average common shares outstanding - basic | 46,874,691 | 43,844,771 | 43,388,794 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Stock options | 132,982 | 184,416 | 672 | ||||||||||||||
| Forward equity sales agreements | 44,090 | 73,449 | — | ||||||||||||||
| Weighted average common shares outstanding - diluted | 47,051,763 | 44,102,636 | 43,389,466 | ||||||||||||||
| Earnings per share: | |||||||||||||||||
| Basic | $ | 3.03 | $ | 3.14 | $ | 3.13 | |||||||||||
| Diluted | $ | 3.02 | $ | 3.13 | $ | 3.13 | |||||||||||
| Anti-dilutive stock options excluded from above | 41,377 | 235,344 | 802,506 | ||||||||||||||
| Dividends declared per share | $ | 3.64 | $ | 3.60 | $ | 3.60 | |||||||||||
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.