U-Haul Holding Co /NV/ Earnings Per Share Disclosure
We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Company's Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and the Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and the Non-Voting Common Stock.
Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both the Voting Common Stock and the Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the years ending March 31, 2026, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock is as follows:
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For the Year Ending |
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March 31, |
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2026 |
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2025 |
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2024 |
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(In thousands, except share and per share amounts) |
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Weighted average shares outstanding of Voting Common Stock |
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19,607,788 |
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19,607,788 |
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19,607,788 |
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Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
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196,077,880 |
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196,077,880 |
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196,077,880 |
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Percent of weighted average shares outstanding of Voting Common Stock |
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10 |
% |
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10 |
% |
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10 |
% |
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Net earnings available to common stockholders |
$ |
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83,128 |
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$ |
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367,090 |
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$ |
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628,707 |
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Voting Common Stock dividends declared and paid |
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— |
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— |
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— |
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Non-Voting Common Stock dividends declared and paid |
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(35,294 |
) |
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(35,294 |
) |
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(31,765 |
) |
Undistributed earnings available to common stockholders |
$ |
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47,834 |
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$ |
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331,796 |
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$ |
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596,942 |
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Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
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4,783 |
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$ |
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33,180 |
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$ |
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59,694 |
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Undistributed earnings per share of Voting Common Stock |
$ |
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0.24 |
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$ |
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1.69 |
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$ |
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3.04 |
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Dividends declared per share of Voting Common Stock |
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— |
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— |
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— |
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Basic and diluted earnings per share of Voting Common Stock |
$ |
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0.24 |
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$ |
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1.69 |
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$ |
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3.04 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 27, 2026 | Showing above |
| 2025 | May 29, 2025 | |
| 2024 | May 30, 2024 | |
| 2023 | Jun 2, 2023 | |
| 2021 | May 26, 2021 | |
| 2020 | May 27, 2020 | |
| 2019 | May 29, 2019 | |
| 2018 | May 30, 2018 | |
| 2017 | May 24, 2017 | |
| 2016 | May 25, 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.