6.
Earnings Per Share

The following table sets forth the computation of basic and diluted income per common share for the periods presented (dollars and shares in millions, except per share data).

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

774.1

 

 

$

805.1

 

 

$

765.2

 

Less: Distributed and undistributed earnings allocated to participating
   securities

 

 

(5.2

)

 

 

(5.6

)

 

 

(6.2

)

Net income attributable to common shareholders

 

$

768.9

 

 

$

799.5

 

 

$

759.0

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average basic common shares outstanding

 

 

89.3

 

 

 

89.1

 

 

 

89.1

 

Effect of dilutive securities

 

 

0.3

 

 

 

0.4

 

 

 

0.4

 

Diluted common shares outstanding

 

 

89.6

 

 

 

89.5

 

 

 

89.5

 

Basic income per common share

 

$

8.61

 

 

$

8.97

 

 

$

8.52

 

Diluted income per common share

 

$

8.58

 

 

$

8.93

 

 

$

8.48

 

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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 24, 2021
2019Feb 26, 2020
2018Feb 28, 2019
2017Feb 28, 2017
2015Feb 26, 2016

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.