SBA COMMUNICATIONS CORP Earnings Per Share Disclosure
Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.
The following table sets forth basic and diluted net income per common share attributable to common shareholders for the years ended December 31, 2025, 2024, and 2023:
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| For the year ended December 31, | |||||||
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| 2025 |
| 2024 |
| 2023 | |||
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| (in thousands, except per share data) | |||||||
Numerator: |
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Net income attributable to SBA |
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Communications Corporation |
| $ | 1,053,632 |
| $ | 749,536 |
| $ | 501,812 |
Denominator: |
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Basic weighted-average shares outstanding |
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| 107,207 |
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| 107,644 |
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| 108,204 |
Dilutive impact of stock options, RSUs, and PSUs |
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| 326 |
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| 436 |
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| 703 |
Diluted weighted-average shares outstanding |
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| 107,533 |
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| 108,080 |
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| 108,907 |
Net income per common share attributable to SBA |
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Communications Corporation: |
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Basic |
| $ | 9.83 |
| $ | 6.96 |
| $ | 4.64 |
Diluted |
| $ | 9.80 |
| $ | 6.94 |
| $ | 4.61 |
For the years ended December 31, 2025, 2024, and 2023, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s stock options, RSUs, and PSUs because the impact would be anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 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.