SMITH MIDLAND CORP Earnings Per Share Disclosure
10. EARNINGS PER SHARE
Earnings per share are calculated as follows (in thousands, except earnings per share):
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| December 31, |
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| 2025 |
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| 2024 |
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Basic earnings per share |
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Income available to common shareholders |
| $ | 12,506 |
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| $ | 7,675 |
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Weighted average shares outstanding |
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| 5,305 |
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| 5,289 |
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Basic earnings per share |
| $ | 2.36 |
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| $ | 1.45 |
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Diluted earnings per share |
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Income available to common shareholders |
| $ | 12,506 |
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| $ | 7,675 |
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Weighted average shares outstanding |
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| 5,305 |
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| 5,289 |
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Dilutive effect of restricted stock |
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| — |
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| — |
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Total weighted average shares outstanding |
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| 5,305 |
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| 5,289 |
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Diluted earnings per share |
| $ | 2.36 |
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| $ | 1.45 |
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There was no restricted stock or other common stock equivalents excluded from the diluted earnings per share calculation for the years ended December 31, 2025 and December 31, 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 14, 2026 | Showing above |
| 2024 | May 27, 2025 | |
| 2023 | May 23, 2024 | |
| 2022 | Apr 17, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Mar 30, 2021 | |
| 2019 | Mar 26, 2020 | |
| 2018 | Mar 26, 2019 | |
| 2017 | Mar 29, 2018 | |
| 2016 | Mar 30, 2017 | |
| 2015 | Mar 28, 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.