Basic earnings per share is computed by dividing the income by the applicable weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated using the weighted-average number of shares of common stock as adjusted for any potentially dilutive shares as of the balance sheet date. The computation of basic and diluted earnings per share for calendar years 2025, 2024, and 2023 is as follows:
| | | | | | | | | | | | | | | | | |
| (In millions, except per share data) | 2025 | | 2024 | | 2023 |
| Numerator (basic and diluted): | | | | | |
| Income from continuing operations attributable to Enpro Inc. | $ | 40.5 | | | $ | 72.9 | | | $ | 10.8 | |
| Income from discontinued operations | — | | | — | | | 11.4 | |
| Net income | $ | 40.5 | | | $ | 72.9 | | | $ | 22.2 | |
| Denominator: | | | | | |
| Weighted-average shares – basic | 21.0 | | | 21.0 | | | 20.9 | |
| Share-based awards | 0.2 | | | 0.1 | | | 0.1 | |
| Weighted-average shares – diluted | 21.2 | | | 21.1 | | | 21.0 | |
| Basic earnings per share: | | | | | |
| Continuing operations | $ | 1.92 | | | $ | 3.48 | | | $ | 0.52 | |
| Discontinued operations | — | | | — | | | 0.54 | |
| Net income per share | $ | 1.92 | | | $ | 3.48 | | | $ | 1.06 | |
| Diluted earnings per share: | | | | | |
| Continuing operations | $ | 1.91 | | | $ | 3.45 | | | $ | 0.51 | |
| Discontinued operations | — | | | — | | | 0.54 | |
| Net income per share | $ | 1.91 | | | $ | 3.45 | | | $ | 1.05 | |
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.