Note 5. Earnings Per Share

The following table sets forth the computation of basic and diluted net increase in net assets per share resulting from operations, pursuant to ASC 260-10, for the years ended December 31, 2025, 2024 and 2023:

 

 

Year Ended
December 31, 2025

 

 

Year Ended
December 31, 2024

 

 

Year Ended
December 31, 2023

 

Earnings per share (basic & diluted)

 

 

 

 

 

 

 

 

 

Numerator—net increase in net assets resulting from
   operations:

 

$

92,537

 

 

$

95,757

 

 

$

76,388

 

Denominator—weighted average shares:

 

 

54,554,634

 

 

 

54,554,634

 

 

 

54,554,638

 

Earnings per share:

 

$

1.70

 

 

$

1.76

 

 

$

1.40

 

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025
2023Feb 27, 2024
2022Feb 28, 2023

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.