EARNINGS PER SHARE
The following tables set forth the computation of basic and diluted EPS for the periods indicated:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2025 |
| Income | | Shares | | Per Share Amount |
| (Millions, except per share amounts) |
| Basic EPS | | | | | |
| Net income attributable to ONEOK available for common stock | $ | 3,393 | | | 624.8 | | | $ | 5.43 | |
| Diluted EPS | | | | | |
| Effect of dilutive securities | — | | | 1.1 | | | |
| Net income attributable to ONEOK available for common stock and common stock equivalents | $ | 3,393 | | | 625.9 | | | $ | 5.42 | |
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2024 |
| Income | | Shares | | Per Share Amount |
| (Millions, except per share amounts) |
| Basic EPS | | | | | |
| Net income attributable to ONEOK available for common stock | $ | 3,034 | | | 584.6 | | | $ | 5.19 | |
| Diluted EPS | | | | | |
| Effect of dilutive securities | — | | | 1.9 | | | |
| Net income attributable to ONEOK available for common stock and common stock equivalents | $ | 3,034 | | | 586.5 | | | $ | 5.17 | |
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2023 |
| Income | | Shares | | Per Share Amount |
| (Millions, except per share amounts) |
| Basic EPS | | | | | |
| Net income available for common stock | $ | 2,658 | | | 484.3 | | | $ | 5.49 | |
| Diluted EPS | | | | | |
| Effect of dilutive securities | — | | | 1.1 | | | |
| Net income available for common stock and common stock equivalents | $ | 2,658 | | | 485.4 | | | $ | 5.48 | |
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.