SS&C Technologies Holdings Inc Earnings Per Share Disclosure
Note 16—Basic and Diluted Earnings per Share
Earnings per share (“EPS”) is calculated in accordance with the relevant standards. Basic EPS includes no dilution and is computed by dividing income available to our common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted-average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options, SARs, RSUs and PSUs using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares would be anti-dilutive because their total assumed proceeds exceed the average fair value of common stock for the period. We have two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method.
The following table sets forth the computation of basic and diluted EPS (in millions, except per share amounts):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Net income attributable to SS&C common stockholders |
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$ |
796.9 |
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$ |
760.5 |
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$ |
607.1 |
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Shares attributable to SS&C: |
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Weighted-average common shares outstanding – used in calculation of basic EPS |
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244.3 |
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246.4 |
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248.3 |
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Weighted-average common stock equivalents – stock options and restricted shares |
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8.8 |
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7.4 |
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6.2 |
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Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS |
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253.1 |
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253.8 |
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254.5 |
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Earnings per share attributable to SS&C common stockholders – Basic |
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$ |
3.26 |
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$ |
3.09 |
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$ |
2.45 |
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Earnings per share attributable to SS&C common stockholders – Diluted |
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$ |
3.15 |
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$ |
3.00 |
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$ |
2.39 |
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Weighted-average stock options, SARs, RSUs and PSUs representing 4.8 million, 14.2 million and 23.4 million shares were outstanding for the years ended December 31, 2025, 2024 and 2023, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
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.