NEXSTAR MEDIA GROUP, INC. Earnings Per Share Disclosure
Income per share (basic and diluted) available to common stockholders for the years ended December 31 are presented below ($ in millions, except per share amounts, and shares in thousands):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net income attributable to Nexstar Media Group, Inc. |
|
$ |
109 |
|
|
$ |
722 |
|
|
$ |
346 |
|
Accretion of redeemable noncontrolling interests(1) |
|
|
(17 |
) |
|
|
(20 |
) |
|
|
- |
|
Net income available to common stockholders |
|
$ |
92 |
|
|
$ |
702 |
|
|
$ |
346 |
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding – basic |
|
|
30,349 |
|
|
|
32,311 |
|
|
|
35,317 |
|
Dilutive effect of equity incentive plan instruments |
|
|
358 |
|
|
|
485 |
|
|
|
517 |
|
Weighted average shares outstanding – diluted |
|
|
30,707 |
|
|
|
32,796 |
|
|
|
35,834 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income per share available to common stockholders – basic |
|
$ |
3.04 |
|
|
$ |
21.73 |
|
|
$ |
9.78 |
|
Net income per share available to common stockholders – diluted |
|
$ |
3.00 |
|
|
$ |
21.41 |
|
|
$ |
9.64 |
|
The Company had outstanding restricted stock units to acquire 38,000, 20,000 and 69,000 weighted average shares of common stock for the years ended December 31, 2025, 2024 and 2023, respectively, the effects of which are excluded from the calculation of dilutive income per share, as their inclusion would have been anti-dilutive for the periods presented.
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.