SPIRE INC Earnings Per Share Disclosure
4. EARNINGS PER COMMON SHARE
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2025 |
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2024 |
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2023 |
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Basic Earnings Per Common Share: |
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Net Income |
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$ |
271.7 |
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$ |
250.9 |
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$ |
217.5 |
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Less: Provision for preferred dividends |
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14.8 |
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14.8 |
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14.8 |
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Income allocated to participating securities |
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0.3 |
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0.3 |
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0.3 |
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Net Income Available to Common Shareholders |
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$ |
256.6 |
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$ |
235.8 |
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$ |
202.4 |
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Weighted Average Common Shares Outstanding (in millions) |
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58.5 |
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56.1 |
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52.5 |
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Basic Earnings Per Share of Common Stock |
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$ |
4.39 |
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$ |
4.20 |
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$ |
3.86 |
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Diluted Earnings per Common Share: |
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Net Income |
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$ |
271.7 |
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$ |
250.9 |
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$ |
217.5 |
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Less: Provision for preferred dividends |
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14.8 |
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14.8 |
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14.8 |
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Income allocated to participating securities |
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0.3 |
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0.3 |
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0.3 |
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Net Income Available to Common Shareholders |
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$ |
256.6 |
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$ |
235.8 |
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$ |
202.4 |
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Weighted Average Common Shares Outstanding (in millions) |
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58.5 |
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56.1 |
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52.5 |
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Dilutive Effect of Restricted Stock and Restricted Stock Units |
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0.2 |
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0.2 |
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0.1 |
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Weighted Average Diluted Common Shares (in millions) |
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58.7 |
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56.3 |
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52.6 |
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Diluted Earnings Per Share of Common Stock |
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$ |
4.37 |
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$ |
4.19 |
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$ |
3.85 |
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* Calculation excludes certain outstanding common shares (shown in |
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0.2 |
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0.1 |
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1.9 |
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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.