SAIA INC Earnings Per Share Disclosure
6. Computation of Earnings Per Share
The calculation of basic earnings per common share and diluted earnings per common share is as follows (in thousands except per share amounts):
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For The Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net income |
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$ |
255,036 |
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$ |
362,065 |
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$ |
354,857 |
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Denominator: |
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Denominator for basic earnings per share–weighted |
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26,738 |
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26,689 |
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26,632 |
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Dilutive effect of share-based awards |
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48 |
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113 |
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131 |
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Denominator for diluted earnings per share–adjusted |
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26,786 |
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26,802 |
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26,763 |
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Basic Earnings Per Share |
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$ |
9.54 |
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$ |
13.57 |
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$ |
13.32 |
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Diluted Earnings Per Share |
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$ |
9.52 |
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$ |
13.51 |
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$ |
13.26 |
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In 2025, there were 11,818 anti-dilutive share-based awards. In 2024, there were 50 anti-dilutive share-based awards. In 2023, there were 5,790 anti-dilutive share-based awards.
Historical Timeline
| Fiscal Year | Filed | |
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| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 23, 2024 | |
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.