United Parks & Resorts Inc. Earnings Per Share Disclosure
5. EARNINGS PER SHARE
Earnings per share is computed as follows:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Net |
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Shares |
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Per |
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Net |
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Shares |
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Per |
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Net |
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Shares |
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Per |
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(In thousands, except per share amounts) |
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Basic earnings per share |
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$ |
168,353 |
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54,566 |
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$ |
3.09 |
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$ |
227,497 |
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59,546 |
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$ |
3.82 |
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$ |
234,196 |
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63,955 |
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$ |
3.66 |
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Effect of dilutive |
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425 |
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464 |
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539 |
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Diluted earnings per share |
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$ |
168,353 |
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54,991 |
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$ |
3.06 |
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$ |
227,497 |
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60,010 |
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$ |
3.79 |
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$ |
234,196 |
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64,494 |
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$ |
3.63 |
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Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic earnings per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.
Diluted earnings per share is determined using the treasury stock method based on the dilutive effect of certain unvested restricted stock awards and certain shares of common stock that are issuable upon exercise of stock options. During the years ended December 31, 2025, 2024 and 2023, there were approximately 782,000, 488,000, and 437,000 anti-dilutive shares of common stock excluded from the computation of diluted earnings per share, respectively.
The Company’s outstanding performance-vesting restricted stock awards are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period. For the years ended December 31, 2025 and 2024, approximately 11,000 and 10,000 performance-vesting restricted stock awards had met their performance criteria for their respective performance years as of the end of the reporting periods, respectively, and are therefore included in the calculation of diluted earnings per share. See further discussion in Note 17–Equity-Based Compensation.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 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.