Victory Capital Holdings, Inc. Earnings Per Share Disclosure
NOTE 16. Earnings Per Share
The following table sets forth the computation of basic earnings per share and diluted earnings per share for the years ended December 31, 2025, 2024 and 2023:
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|
Year Ended December 31, |
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(in thousands, except per share amounts) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
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Numerator for earnings per common share: |
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|
|
|
|
|
|
|
|
|
|
|
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Net Income |
|
$ |
|
330,062 |
|
|
$ |
|
288,864 |
|
|
$ |
|
213,157 |
|
Preferred stock dividends |
|
|
|
(29,138 |
) |
|
|
|
— |
|
|
|
|
— |
|
Net income attributable to preferred stockholders |
|
|
|
(30,773 |
) |
|
|
|
— |
|
|
|
|
— |
|
Income attributable to common stockholders for basic earnings per share(1) |
|
$ |
|
270,151 |
|
|
$ |
|
288,864 |
|
|
$ |
|
213,157 |
|
Allocation adjustment to income attributable to preferred stockholders(2) |
|
|
|
358 |
|
|
|
|
— |
|
|
|
|
— |
|
Income attributable to common stockholders for diluted earnings per share |
|
$ |
|
270,509 |
|
|
$ |
|
288,864 |
|
|
$ |
|
213,157 |
|
Denominator for earnings per common share: |
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|
|
|
|
|
|
|
|
|
|
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Basic: Weighted average number of shares outstanding |
|
|
|
65,439 |
|
|
|
|
64,607 |
|
|
|
|
66,202 |
|
Plus: Incremental shares from assumed conversion of dilutive instruments |
|
|
|
937 |
|
|
|
|
1,321 |
|
|
|
|
2,012 |
|
Diluted: Weighted average number of shares outstanding |
|
|
|
66,376 |
|
|
|
|
65,928 |
|
|
|
|
68,214 |
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
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Basic: |
|
$ |
|
4.13 |
|
|
$ |
|
4.47 |
|
|
$ |
|
3.22 |
|
Diluted: |
|
$ |
|
4.08 |
|
|
$ |
|
4.38 |
|
|
$ |
|
3.12 |
|
Outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive were de minimis for the years ended December 31, 2025, 2024 and 2023. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 6, 2023 | |
| 2021 | Mar 14, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 13, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 29, 2018 | |
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.