SPS COMMERCE INC Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| (in thousands, except per share amounts) | 2025 | 2024 | 2023 | ||||||||||||||
| Numerator | |||||||||||||||||
| Net income | $ | 93,339 | $ | 77,054 | $ | 65,824 | |||||||||||
| Denominator | |||||||||||||||||
| Weighted average common shares outstanding, basic | 37,881 | 37,306 | 36,646 | ||||||||||||||
| Options to purchase common stock and ESPP | 61 | 150 | 265 | ||||||||||||||
| PSUs, RSUs, RSAs, and DSUs | 50 | 400 | 564 | ||||||||||||||
| Weighted average common shares outstanding, diluted | 37,992 | 37,856 | 37,475 | ||||||||||||||
| Net income per share | |||||||||||||||||
| Basic | $ | 2.46 | $ | 2.07 | $ | 1.80 | |||||||||||
| Diluted | $ | 2.46 | $ | 2.04 | $ | 1.76 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Anti-dilutive shares | 511 | 55 | 36 | ||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2019 | Feb 25, 2020 | |
| 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.