Star Holdings Earnings Per Share Disclosure
Note 13—Earnings Per Share
The following table presents a reconciliation of net income (loss) used in the basic and diluted earnings per share (“EPS”) calculations ($ in thousands, except for per share data): (1)
For the Years Ended December 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Net income (loss) | $ | (70,774) | $ | (88,362) | $ | (196,290) | |||
Net (income) loss from operations attributable to noncontrolling interests |
| 6,525 |
| 1,607 |
| (66) | |||
Net income (loss) allocable to common shareholders | $ | (64,249) | $ | (86,755) | $ | (196,356) | |||
For the Years Ended December 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Earnings allocable to common shares: | |
| |
| | ||||
Numerator for basic and diluted earnings per share: | |
| |
| | ||||
Net income (loss) allocable to common shareholders | $ | (64,249) | $ | (86,755) | $ | (196,356) | |||
Denominator for basic and diluted earnings per share: |
| |
| |
| | |||
Weighted average common shares outstanding for basic and diluted earnings per common share |
| 13,109 |
| 13,320 |
| 13,320 | |||
Basic and diluted earnings per common share: |
| |
| |
| | |||
Net income (loss) allocable to common shareholders | $ | (4.90) | $ | (6.51) | $ | (14.74) | |||
| (1) | For all periods presented prior to the Spin-Off, the weighted average shares outstanding for the EPS calculation assumes the pro rata distribution of 0.153 common shares of the Company’s common stock for each outstanding share of iStar Common Stock on the record date of the distribution were issued and outstanding. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
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.