RADIAN GROUP INC Earnings Per Share Disclosure
The calculation of basic and diluted net income per share is as follows.
Net income per share |
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Years Ended December 31, |
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(In thousands, except per-share amounts) |
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2025 |
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2024 |
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2023 |
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Net income from continuing operations |
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$ |
618,179 |
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$ |
660,315 |
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$ |
675,860 |
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Income (loss) from discontinued operations, net of tax |
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(35,539 |
) |
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(55,875 |
) |
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(72,741 |
) |
Net income—basic and diluted |
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$ |
582,640 |
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$ |
604,440 |
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$ |
603,119 |
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Average common shares outstanding—basic |
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139,445 |
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152,465 |
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158,140 |
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Dilutive effect of share-based compensation arrangements (1) |
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1,366 |
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1,726 |
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1,993 |
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Adjusted average common shares outstanding—diluted |
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140,811 |
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154,191 |
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160,133 |
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Net income per share |
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Basic |
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Net income from continuing operations |
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$ |
4.43 |
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$ |
4.33 |
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$ |
4.27 |
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Income (loss) from discontinued operations, net of tax |
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(0.25 |
) |
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(0.37 |
) |
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(0.46 |
) |
Basic net income per share |
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$ |
4.18 |
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$ |
3.96 |
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$ |
3.81 |
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Diluted |
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Net income from continuing operations |
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$ |
4.39 |
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$ |
4.28 |
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$ |
4.22 |
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Income (loss) from discontinued operations, net of tax |
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(0.25 |
) |
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(0.36 |
) |
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(0.45 |
) |
Diluted net income per share |
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$ |
4.14 |
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$ |
3.92 |
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$ |
3.77 |
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Years Ended December 31, |
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(In thousands) |
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2025 |
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2024 |
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2023 |
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Shares of common stock equivalents |
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— |
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11 |
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14 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2021 | Feb 25, 2022 | |
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.