PATRICK INDUSTRIES INC Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| ($ and shares in thousands, except per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net income attributable to common shares | $ | 135,056 | $ | 138,401 | $ | 142,897 | ||||||||||||||
| Effect of interest on potentially dilutive convertible notes, net of tax | — | — | 162 | |||||||||||||||||
| Net income for diluted earnings per common share calculation | $ | 135,056 | $ | 138,401 | $ | 143,059 | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Weighted average common shares outstanding - basic | 32,488 | 32,568 | 32,278 | |||||||||||||||||
| Weighted average impact of potentially dilutive convertible notes | 1,243 | 644 | 248 | |||||||||||||||||
| Weighted average impact of potentially dilutive warrants | 612 | 137 | — | |||||||||||||||||
| Weighted average impact of potentially dilutive securities | 294 | 350 | 512 | |||||||||||||||||
| Weighted average common shares outstanding - diluted | 34,637 | 33,699 | 33,038 | |||||||||||||||||
| Earnings per common share: | ||||||||||||||||||||
| Basic earnings per common share | $ | 4.16 | $ | 4.25 | $ | 4.43 | ||||||||||||||
| Diluted earnings per common share | $ | 3.90 | $ | 4.11 | $ | 4.33 | ||||||||||||||
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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.