TFS Financial CORPTFSL

TFS Financial CORP Earnings Per Share Disclosure

10-KFiled Nov 25, 20252 min read
EARNINGS PER SHARE
Basic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period, adjusted to include the effect of potentially dilutive common shares. For purposes of computing earnings per share amounts, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants and the 227,119,132 shares held by Third Federal Savings, MHC. For purposes of computing dilutive earnings per share, stock options and restricted and performance share units with a dilutive impact are added to the outstanding shares used in the basic earnings per share calculation. Unvested shares awarded pursuant to the Company's restricted stock plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain non-forfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. Performance share units, determined to be contingently issuable and not participating securities, are excluded from the calculation of basic EPS. At September 30, 2025 and 2024, the ESOP held 1,841,691 and 2,275,031 shares, respectively, that were neither allocated to participants nor committed to be released to participants.
The following is a summary of the Company’s EPS calculations. 
 For the Year Ended September 30, 2025
 IncomeSharesPer share
 amount
 (Dollars in thousands, except per share data)
Net income$90,959 
Less: income allocated to restricted stock units1,458 
Basic earnings per share:
Income available to common shareholders89,501 278,715,769 $0.32 
Diluted earnings per share:
Effect of dilutive potential common shares1,042,756 
Income available to common shareholders$89,501 279,758,525 $0.32 
 
 For the Year Ended September 30, 2024
 IncomeSharesPer share
 amount
 (Dollars in thousands, except per share data)
Net income$79,588 
Less: income allocated to restricted stock units1,426 
Basic earnings per share:
Income available to common shareholders78,162 278,178,496 $0.28 
Diluted earnings per share:
Effect of dilutive potential common shares965,028 
Income available to common shareholders$78,162 279,143,524 $0.28 
 
 For the Year Ended September 30, 2023
 IncomeSharesPer share
 amount
 (Dollars in thousands, except per share data)
Net income$75,250 
Less: income allocated to restricted stock units1,569 
Basic earnings per share:
Income available to common shareholders73,681 277,436,382 $0.27 
Diluted earnings per share:
Effect of dilutive potential common shares1,147,072 
Income available to common shareholders$73,681 278,583,454 $0.26 

The following is a summary of outstanding stock options and restricted and performance share units that are excluded from the computation of diluted EPS because their inclusion would be anti-dilutive.
 For the Year Ended September 30,
 202520242023
Options to purchase shares1,214,875 2,189,675 1,991,975 
Restricted and performance share units20,000 30,000 57,669 
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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.

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