STERLING INFRASTRUCTURE, INC.STRL

STERLING INFRASTRUCTURE, INC. Earnings Per Share Disclosure

10-KFiled Feb 26, 20261 min read
15.EARNINGS PER SHARE
Basic net income per share attributable to Sterling common stockholders is computed by dividing net income attributable to Sterling common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share attributable to Sterling common stockholders is the same as basic net income per share attributable to Sterling common stockholders but includes dilutive unvested stock awards and warrants using the treasury stock method. The following table reconciles the numerators and denominators of the basic and diluted earnings per share computations for net income attributable to Sterling common stockholders:
Years Ended December 31,
Numerator:202520242023
Net income attributable to Sterling common stockholders$290,153 $257,461 $138,655 
Denominator:
Weighted average common shares outstanding — basic30,542 30,830 30,755 
Shares for dilutive unvested stock
405 316 453 
Weighted average common shares outstanding — diluted30,947 31,146 31,208 
Net income per share attributable to Sterling common stockholders:
Basic$9.50 $8.35 $4.51 
Diluted$9.38 $8.27 $4.44 
There were 6, 42 and 7 weighted average unvested shares that were excluded from the calculation of diluted EPS under the treasury stock method, as they were anti-dilutive, for the years ending December 31, 2025, 2024 and 2023, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 26, 2025
2023Feb 27, 2024
2022Feb 28, 2023
2021Mar 1, 2022
2020Mar 3, 2021
2019Mar 3, 2020

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.

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