Ryerson Holding Corp Earnings Per Share Disclosure
Note 18: Earnings Per Share
Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded, as they would have had an antidilutive effect, were 961,867, 103,468, and zero, for the years ended December 31, 2025, 2024, and 2023, respectively. Antidilutive shares were related to outstanding restricted stock units, performance stock units, and stock options.
The following table sets forth the calculation of basic and diluted earnings (loss) per share:
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Years Ended December 31, |
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Basic and diluted earnings (loss) per share |
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2025 |
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2024 |
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2023 |
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|
(In millions, except number of shares which are reflected in thousands and per share data) |
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Numerator: |
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Net income (loss) attributable to Ryerson Holding Corporation |
|
$ |
(56.4 |
) |
|
$ |
(8.6 |
) |
|
$ |
145.7 |
|
Denominator: |
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Weighted average shares outstanding |
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|
32,116 |
|
|
|
33,189 |
|
|
|
34,961 |
|
Dilutive effect of stock-based awards |
|
|
— |
|
|
|
— |
|
|
|
606 |
|
Weighted average shares outstanding adjusted for dilutive securities |
|
|
32,116 |
|
|
|
33,189 |
|
|
|
35,567 |
|
|
|
|
|
|
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Earnings (loss) per share |
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|
|
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|
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|
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Basic |
|
$ |
(1.76 |
) |
|
$ |
(0.26 |
) |
|
$ |
4.17 |
|
Diluted |
|
$ |
(1.76 |
) |
|
$ |
(0.26 |
) |
|
$ |
4.10 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Mar 4, 2020 | |
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.