RELIANCE, INC. Earnings Per Share Disclosure
NOTE 18. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (in millions, except shares in thousands and per share amounts):
Year Ended December 31, | 2025 | | 2024 | | 2023 | |||
Numerator: | ||||||||
Net income attributable to Reliance | $ | 739.4 | $ | 875.2 | $ | 1,335.9 | ||
Denominator: | ||||||||
Weighted average shares outstanding | 52,555 | 55,746 | 58,328 | |||||
Dilutive effect of stock-based awards(1) | 320 | 500 | 687 | |||||
Weighted average diluted shares outstanding | 52,875 | 56,246 | 59,015 | |||||
Earnings per share attributable to Reliance stockholders: | ||||||||
Basic | $ | 14.07 | $ | 15.70 | $ | 22.90 | ||
Diluted | $ | 13.98 | $ | 15.56 | $ | 22.64 | ||
(1) The computations of diluted earnings per share using the treasury stock method for 2025, 2024 and 2023 do not include 67, 30 and 51 weighted average shares, respectively, in respect of outstanding RSUs and PSUs, because their inclusion would have been anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 24, 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.