SITE Centers Corp. Earnings Per Share Disclosure
The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).
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For the Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerators – Basic and Diluted |
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Continuing Operations: |
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Net income |
$ |
177,861 |
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$ |
525,764 |
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$ |
229,349 |
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Income attributable to non-controlling interests |
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— |
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— |
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(18 |
) |
Preferred dividends (including original issuance costs) |
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— |
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(15,793 |
) |
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(11,156 |
) |
Earnings attributable to unvested shares and OP Units |
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(1,702 |
) |
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(2,292 |
) |
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(606 |
) |
Net income attributable to common shareholders after |
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176,159 |
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507,679 |
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217,569 |
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Discontinued Operations: |
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Income from discontinued operations |
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— |
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6,060 |
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36,372 |
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Total |
$ |
176,159 |
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$ |
513,739 |
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$ |
253,941 |
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Denominators – Number of Shares |
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Basic – Average shares outstanding |
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52,446 |
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52,393 |
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52,365 |
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Assumed conversion of dilutive securities: PRSUs |
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— |
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191 |
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40 |
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Diluted – Average shares outstanding |
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52,446 |
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52,584 |
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52,405 |
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Earnings Per Share: |
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Basic |
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From continuing operations |
$ |
3.36 |
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$ |
9.69 |
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$ |
4.16 |
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From discontinued operations |
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— |
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0.12 |
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0.69 |
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Total |
$ |
3.36 |
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$ |
9.81 |
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$ |
4.85 |
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Diluted |
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From continuing operations |
$ |
3.36 |
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$ |
9.65 |
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$ |
4.16 |
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From discontinued operations |
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— |
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0.12 |
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0.69 |
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Total |
$ |
3.36 |
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$ |
9.77 |
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$ |
4.85 |
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Basic average shares outstanding do not include restricted shares totaling 0.2 million, 0.2 million and 0.3 million at years ended December 31, 2025, 2024 and 2023, respectively, that were not vested (Note 13). Dividends are paid on the outstanding restricted shares, which make these shares participating securities.
The following potentially dilutive securities were considered in the calculation of EPS:
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 24, 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.