Phillips Edison & Company, Inc.PECO

Phillips Edison & Company, Inc. Earnings Per Share Disclosure

10-KFiled Feb 10, 20262 min read
14. EARNINGS PER SHARE
Basic earnings per share (“EPS”) is computed by dividing Net Income Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.
The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2025, 2024, and 2023 (in thousands, except per share amounts):
202520242023
Numerator:
Net income attributable to stockholders - basic
$111,303 $62,685 $56,848 
Net income attributable to convertible OP units(1)
11,665 7,011 6,914 
Net income - diluted
$122,968 $69,696 $63,762 
Denominator:
Weighted-average shares - basic125,544 122,722 118,278 
OP units(1)
12,840 13,582 14,096 
Dilutive restricted stock awards515 517 596 
Adjusted weighted-average shares - diluted138,899 136,821 132,970 
Earnings per common share:
Basic and diluted income per share
$0.89 $0.51 $0.48 
(1)OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Income Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for
all years presented. OP units are allocated income on a consistent basis with the common stockholder and therefore have no dilutive impact to earnings per share of common stock.

Historical Timeline

Fiscal YearFiled
2025Feb 10, 2026Showing above
2024Feb 11, 2025
2023Feb 12, 2024
2022Feb 21, 2023
2021Feb 16, 2022
2020Mar 12, 2021
2019Mar 12, 2020
2018Mar 13, 2019
2017Mar 30, 2018
2016Mar 9, 2017

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.

Other Available Disclosures

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