QUALYS, INC. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | 198,320 | $ | 173,680 | $ | 151,595 | |||||||||||
| Denominator: | |||||||||||||||||
| Basic weighted average shares | 36,142 | 36,799 | 36,879 | ||||||||||||||
| Effect of potentially dilutive shares: | |||||||||||||||||
| Stock options | 160 | 343 | 482 | ||||||||||||||
| Restricted stock units | 148 | 206 | 237 | ||||||||||||||
| Employee stock purchase plan | 3 | 5 | 4 | ||||||||||||||
| Diluted weighted average shares | 36,453 | 37,353 | 37,602 | ||||||||||||||
| Net income per share: | |||||||||||||||||
| Basic | $ | 5.49 | $ | 4.72 | $ | 4.11 | |||||||||||
| Diluted | $ | 5.44 | $ | 4.65 | $ | 4.03 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Stock options | 779 | 635 | 763 | ||||||||||||||
| Restricted stock units | 119 | 97 | 140 | ||||||||||||||
| Employee stock purchase plan | 7 | — | 7 | ||||||||||||||
| Total anti-dilutive shares | 905 | 732 | 910 | ||||||||||||||
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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.