EARNINGS PER SHARE CALCULATIONS.
The following table presents the reconciliation of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested.

(in millions)202520242023
Net income attributable to T. Rowe Price Group$2,087.1 $2,100.1 $1,788.7 
Less: net income allocated to outstanding restricted stock and stock unit holders50.6 55.8 44.4 
Net income allocated to common stockholders$2,036.5 $2,044.3 $1,744.3 
Weighted-average common shares
Outstanding220.0 222.8 224.1 
Outstanding assuming dilution220.3 223.3 224.8 

For the past three years, no stock options have been excluded from the calculation of diluted earnings per common share they would not be anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 14, 2025
2023Feb 16, 2024
2022Feb 15, 2023
2021Feb 24, 2022
2020Feb 11, 2021
2019Feb 13, 2020
2018Feb 13, 2019
2017Feb 16, 2018
2016Feb 7, 2017
2015Feb 5, 2016

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.