Safehold Inc. Earnings Per Share Disclosure
Note 14—Earnings Per Share
EPS is calculated by dividing net income attributable to common shareholders by the weighted average number of shares outstanding for the period. The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data):
For the Years Ended December 31, | ||||||||||
| | 2025 | | 2024 | | 2023 | ||||
Net income (loss) | $ | 114,630 | $ | 106,615 | $ | (54,565) | ||||
Net (income) loss attributable to noncontrolling interests |
| (161) |
| (852) |
| (408) | ||||
Net income (loss) attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share | $ | 114,469 | $ | 105,763 | $ | (54,973) | ||||
For the Years Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Earnings attributable to common shares: |
| |
| |
| | |||
Numerator for basic and diluted earnings per share: |
| |
| |
| | |||
Net income (loss) attributable to Safehold Inc. common shareholders - basic | $ | 114,469 | $ | 105,763 | $ | (54,973) | |||
Net income (loss) attributable to Safehold Inc. common shareholders - diluted | $ | 114,469 | $ | 105,763 | $ | (54,973) | |||
Denominator for basic and diluted earnings per share:(1) |
| |
| |
| | |||
Weighted average common shares outstanding for basic earnings per common share |
| 71,694 |
| 71,370 |
| 66,690 | |||
Add: Effect of assumed shares under treasury stock method for restricted stock units |
| 92 |
| 81 |
| — | |||
Weighted average common shares outstanding for diluted earnings per common share |
| 71,786 |
| 71,451 |
| 66,690 | |||
Basic and diluted earnings per common share:(1) |
| |
| |
| | |||
Net income (loss) attributable to Safehold Inc. common shareholders - basic | $ | 1.60 | $ | 1.48 | $ | (0.82) | |||
Net income (loss) attributable to Safehold Inc. common shareholders - diluted | $ | 1.59 | $ | 1.48 | $ | (0.82) | |||
| (1) | For the year ended December 31, 2024, the effect of 7,803 of the Company’s restricted stock awards was antidilutive. For the year ended December 31, 2023, 31,557 of the Company’s restricted stock awards were antidilutive due to the Company having a net loss for the period. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 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.