Texas Roadhouse, Inc. Earnings Per Share Disclosure
(12) Earnings Per Share
The share and net income per share data for all periods presented are based on the historical weighted-average shares outstanding. The diluted earnings per share calculations show the effect of the weighted-average restricted stock units outstanding from our equity incentive plans. Performance stock units are not included in the diluted earnings per share calculation until the performance-based criteria have been met. Refer to Note 14 for further discussion of our equity incentive plans.
For all periods presented, the weighted-average shares of nonvested stock units that were outstanding but not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect were not significant.
The following table sets forth the calculation of earnings per share and weighted average shares outstanding as presented in the accompanying consolidated statements of income:
Fiscal Year Ended | |||||||||
December 30, | | December 31, | | December 26, | |||||
| 2025 | 2024 | 2023 | ||||||
Net income attributable to Texas Roadhouse, Inc. and subsidiaries | $ | 405,554 | $ | 433,592 | $ | 304,876 | |||
Basic EPS: | |||||||||
Weighted-average common shares outstanding |
| 66,324 |
| 66,752 | 66,893 | ||||
Basic EPS | $ | 6.11 | $ | 6.50 | $ | 4.56 | |||
Diluted EPS: | |||||||||
Weighted-average common shares outstanding |
| 66,324 |
| 66,752 | 66,893 | ||||
Dilutive effect of nonvested stock units |
| 187 |
| 259 | 256 | ||||
Shares-diluted |
| 66,511 |
| 67,011 |
| 67,149 | |||
Diluted EPS | $ | 6.10 | $ | 6.47 | $ | 4.54 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 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.