U S PHYSICAL THERAPY INC /NVUSPH

U S PHYSICAL THERAPY INC /NV Earnings Per Share Disclosure

10-KFiled Feb 27, 20262 min read
3. Earnings Per Share



Basic and diluted earnings per share is computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The restricted stock the Company grants are participating securities containing non-forfeitable rights to receive dividends. Accordingly, any unvested shares of restricted stock is included in the basic and diluted earnings per share computation. Additionally, in accordance with current accounting guidance, the revaluation of redeemable non-controlling interest (see Note 6 Redeemable Non-Controlling Interest), net of tax, charged directly to retained earnings is included in the earnings per basic and diluted share calculation. We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented.



The table below shows the calculation of basic and diluted earnings for the periods presented. The Company’s improved performance during the twelve months ended December 31, 2025, increased the value of redeemable non-controlling interests by $24.5 million, which reduced earnings per share.

   
For the Year Ended
  
 
December 31, 2025
    
December 31, 2024
    
December 31, 2023
  

         (In thousands, except per share data)  
Computation of earnings per share - USPH shareholders:                        
Net income attributable to USPH shareholders
  
$
39,583
    
$
31,424
    
$
28,239
  
Charges to retained earnings:
                        
Revaluation of redeemable non-controlling interest
    
(24,521
)
    
(4,964
)
    
(13,565
)
Tax effect at statutory rate (federal and state)
    
6,510
      
1,268
      
3,466
  
   
$
21,572
    
$
27,728
    
$
18,140
  
                         
Earnings per share (basic and diluted)
  
$
1.42
    
$
1.84
    
$
1.28
  
                         
Shares used in computation:
                       
Basic and diluted earnings per share - weighted-average shares
    15,175
      15,064
      14,188
 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Mar 3, 2025
2023Feb 29, 2024
2022Feb 28, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2018Mar 18, 2019
2017Mar 14, 2018
2016Jun 7, 2017

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.

Other Available Disclosures

Income TaxesRevenueGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew Standards