SELECT MEDICAL HOLDINGS CORP Earnings Per Share Disclosure
| Basic and Diluted EPS | ||||||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||
| 2023 | 2024 | 2025 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Income from continuing operations, net of tax | $ | 110,471 | $ | 129,987 | $ | 214,533 | ||||||||||||||
| Less: net income attributable to non-controlling interests | 51,444 | 64,514 | 68,314 | |||||||||||||||||
| Income from continuing operations, net of tax, attributable to Select Medical’s common stockholders | 59,027 | 65,473 | 146,219 | |||||||||||||||||
| Less: distributed and undistributed net income attributable to participating securities | 2,127 | 2,319 | 3,354 | |||||||||||||||||
| Distributed and undistributed income from continuing operations, net of tax, attributable to common shares | $ | 56,900 | $ | 63,154 | $ | 142,865 | ||||||||||||||
| For the Year Ended December 31, 2023 | ||||||||||||||||||||
| Income from Continuing Operations, Net of Tax, Allocation | Shares(1) | Basic and Diluted EPS | ||||||||||||||||||
| (in thousands, except for per share amounts) | ||||||||||||||||||||
| Common shares | $ | 56,900 | 123,105 | $ | 0.46 | |||||||||||||||
| Participating securities | 2,127 | 4,601 | 0.46 | |||||||||||||||||
| Total Company | $ | 59,027 | ||||||||||||||||||
| For the Year Ended December 31, 2024 | ||||||||||||||||||||
| Income from Continuing Operations, Net of Tax, Allocation | Shares(1) | Basic and Diluted EPS | ||||||||||||||||||
| (in thousands, except for per share amounts) | ||||||||||||||||||||
| Common shares | $ | 63,154 | 124,614 | $ | 0.51 | |||||||||||||||
| Participating securities | 2,319 | 4,576 | 0.51 | |||||||||||||||||
| Total Company | $ | 65,473 | ||||||||||||||||||
| For the Year Ended December 31, 2025 | ||||||||||||||||||||
| Income from Continuing Operations, Net of Tax, Allocation | Shares(1) | Basic and Diluted EPS | ||||||||||||||||||
| (in thousands, except for per share amounts) | ||||||||||||||||||||
| Common shares | $ | 142,865 | 122,647 | $ | 1.16 | |||||||||||||||
| Participating securities | 3,354 | 2,879 | $ | 1.16 | ||||||||||||||||
| Total Company | $ | 146,219 | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
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.