3.
Basic and Diluted Earnings Per Share (shares reported in thousands)

 

 

2025

 

 

2024

 

Basic earnings per share:

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

443,958

 

 

$

201,125

 

Weighted average shares outstanding

 

 

93,373

 

 

 

56,224

 

Basic earnings per share

 

$

4.75

 

 

$

3.58

 

Diluted earnings per share:

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

443,958

 

 

$

201,125

 

Weighted average shares outstanding

 

 

93,373

 

 

 

56,224

 

Add effect of dilutive securities

 

 

 

 

 

 

Impact of convertible preferred stock

 

 

23,646

 

 

 

50,961

 

Impact of vested and unvested common stock options

 

 

1,843

 

 

 

13,375

 

Impact of RSU awards

 

 

13,096

 

 

 

87

 

Impact of convertible preferred stock warrants

 

 

 

 

 

490

 

Diluted weighted average common shares outstanding

 

 

131,958

 

 

 

121,137

 

Diluted earnings per share

 

$

3.36

 

 

$

1.66

 

 

The Company had 0 anti-dilutive shares for the years ended December 31, 2025 and 2024, respectively.

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.