Red Rock Resorts, Inc.RRR

Red Rock Resorts, Inc. Earnings Per Share Disclosure

10-KFiled Feb 20, 20262 min read
Earnings Per Share
Basic earnings or loss per share is calculated by dividing net income or loss attributable to Red Rock by the weighted-average number of shares of Class A common stock outstanding during the period. The calculation of diluted earnings or loss per share gives effect to all potentially dilutive shares, including shares issuable pursuant to outstanding stock options and nonvested restricted shares of Class A common stock, based on the application of the treasury stock method, and outstanding Class B common stock that is exchangeable, along with an equal number of LLC Units, for Class A common stock, based on the application of the if-converted method.
A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share is presented below (amounts in thousands):
Year Ended December 31,
202520242023
Net income, basic$355,670 $291,292 $337,776 
Less: net income attributable to noncontrolling interests, basic(167,604)(137,241)(161,772)
Net income attributable to Red Rock, basic188,066 154,051 $176,004 
Effect of dilutive securities132,407 108,420 127,800 
Net income attributable to Red Rock, diluted$320,473 $262,471 $303,804 
Year Ended December 31,
202520242023
Weighted-average shares of Class A common stock outstanding, basic
58,964 59,025 57,875 
Effect of dilutive securities
43,631 44,641 45,342 
Weighted-average shares of Class A common stock outstanding, diluted
102,595 103,666 103,217 
The calculation of diluted earnings per share of Class A common stock excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive (amounts in thousands):
As of December 31,
202520242023
Shares issuable upon exercise of stock options
2,546 1,845 2,257 
Shares issuable upon vesting of restricted stock
86 87 149 
Shares of Class B common stock are not entitled to share in the earnings of the Company and are not participating securities. Accordingly, separate presentation of earnings per share of Class B common stock under the two-class method has not been presented.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 21, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Feb 23, 2021
2019Feb 21, 2020
2018Feb 26, 2019
2017Mar 1, 2018
2016Mar 13, 2017

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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