Earnings Per Common Share

Basic net income attributable to Trinity Industries, Inc. per common share ("EPS") is computed by dividing net income attributable to Trinity by the weighted average number of basic common shares outstanding for the period. Except when the effect would be antidilutive, the calculation of diluted EPS includes the net impact of potentially dilutive common shares. The Company has certain unvested RSAs that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

The following table sets forth the computation of basic and diluted net income attributable to Trinity Industries, Inc.:


	Year Ended December 31,
	2025		2024		2023
	(in millions, except per share amounts)
Income from continuing operations	$	284.5	$	171.4	$	140.0
Less: Net income attributable to noncontrolling interest	(24.2)		(18.7)		(20.6)

Net income from continuing operations attributable to Trinity Industries, Inc.	260.3		152.7		119.4



Net loss from discontinued operations attributable to Trinity Industries, Inc.	(7.2)		(14.3)		(13.4)
Net income attributable to Trinity Industries, Inc.	$	253.1	$	138.4	$	106.0

Basic weighted average shares outstanding	80.8		81.9		81.2
Effect of dilutive securities	2.1		2.3		2.2
Diluted weighted average shares outstanding	82.9		84.2		83.4

Basic earnings per common share:
Income from continuing operations	$	3.22	$	1.86	$	1.47
Loss from discontinued operations	(0.09)		(0.17)		(0.16)
Basic net income attributable to Trinity Industries, Inc.	$	3.13	$	1.69	$	1.31
Diluted earnings per common share:
Income from continuing operations	$	3.14	$	1.81	$	1.43
Loss from discontinued operations	(0.09)		(0.17)		(0.16)
Diluted net income attributable to Trinity Industries, Inc.	$	3.05	$	1.64	$	1.27

Potentially dilutive securities excluded from EPS calculation:
Antidilutive restricted shares	0.1		—		0.1
Antidilutive stock options	—		—		—

Note: Earnings per common share is calculated independently for each component and may not sum to total net income attributable to Trinity Industries, Inc. per common share due to rounding.

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.

TRINITY INDUSTRIES INC Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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