TRINITY INDUSTRIES INC Earnings Per Share Disclosure
| 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 | — | — | — | ||||||||||||||
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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.