Rexford Industrial Realty, Inc.REXR

Rexford Industrial Realty, Inc. Earnings Per Share Disclosure

10-KFiled Feb 11, 20263 min read
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
Year Ended December 31,
 202520242023
Numerator:  
Net income$219,763 $285,926 $249,591 
Less: Preferred stock dividends(9,258)(9,258)(9,258)
Less: Net income attributable to noncontrolling interests(7,734)(12,124)(11,575)
Less: Net income attributable to participating securities(2,602)(1,679)(1,309)
Net income attributable to common stockholders$200,169 $262,865 $227,449 
Denominator:   
Weighted average shares of common stock outstanding - basic232,477,754 218,279,597 202,883,704 
Effect of dilutive securities73,214 187,357 227,289 
Weighted average shares of common stock outstanding - diluted232,550,968 218,466,954 203,110,993 
Earnings per share - Basic
Net income attributable to common stockholders$0.86 $1.20 $1.12 
Earnings per share - Diluted   
Net income attributable to common stockholders$0.86 $1.20 $1.12 
Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain market conditions have been met at the reporting date for unvested Performance Units.
The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive. 
Performance Units, which are subject to vesting based on the Company achieving certain TSR levels and FFO per share growth over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR and/or FFO per share growth has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive.
Shares issuable under forward equity sale agreements during the period prior to settlement are reflected in our calculation of weighted average shares of common stock outstanding – diluted using the treasury stock method for the periods where the impact was dilutive.
We also consider the effect of other potentially dilutive securities, including the CPOP Units and OP Units, which may be redeemed for shares of our common stock under certain circumstances, and include them in our computation of diluted EPS under the if-converted method when their inclusion is dilutive. These units were not dilutive for the periods presented above. Additionally, as of December 31, 2025, the Exchangeable Notes were not included in the computation of diluted earnings per share as they were anti-dilutive for the year ended December 31, 2025.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 10, 2025
2023Feb 12, 2024
2022Feb 13, 2023
2021Feb 17, 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.

Other Available Disclosures

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