TXNM ENERGY INC Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
Net Earnings Attributable to TXNM | $ | 151,362 | $ | 242,154 | $ | 87,818 | |||||||||||
| Average Number of Common Shares: | |||||||||||||||||
| Outstanding during year | 101,158 | 90,214 | 86,038 | ||||||||||||||
| Vested awards of restricted stock | 349 | 320 | 258 | ||||||||||||||
| Average Shares – Basic | 101,507 | 90,534 | 86,296 | ||||||||||||||
| Dilutive Effect of Common Stock Equivalents: | |||||||||||||||||
TXNM ATM Programs | 74 | 12 | 38 | ||||||||||||||
TXNM Convertible Notes | 757 | — | — | ||||||||||||||
Restricted stock | 54 | 45 | 35 | ||||||||||||||
| Average Shares – Diluted | 102,392 | 90,591 | 86,369 | ||||||||||||||
Net Earnings Attributable to TXNM Per Share of Common Stock: | |||||||||||||||||
| Basic | $ | 1.49 | $ | 2.67 | $ | 1.02 | |||||||||||
| Diluted | $ | 1.48 | $ | 2.67 | $ | 1.02 | |||||||||||
| Dividends Declared per Common Share | $ | 1.65 | $ | 1.57 | $ | 1.49 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
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.