NMI Holdings, Inc. Earnings Per Share Disclosure
| For the years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In Thousands, except for per share data) | |||||||||||||||||
| Net income – basic and diluted | $ | 388,926 | $ | 360,106 | $ | 322,110 | |||||||||||
| Basic weighted average shares outstanding | 77,626 | 79,844 | 82,407 | ||||||||||||||
| Dilutive effect of issuable shares | 1,412 | 1,429 | 1,447 | ||||||||||||||
| Diluted weighted average shares outstanding | 79,038 | 81,273 | 83,854 | ||||||||||||||
Earnings per share | |||||||||||||||||
| Basic | $ | 5.01 | $ | 4.51 | $ | 3.91 | |||||||||||
| Diluted | $ | 4.92 | $ | 4.43 | $ | 3.84 | |||||||||||
| Anti-dilutive shares | 1 | 11 | 2 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 14, 2019 | |
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.