Earnings (Loss) Per Share
The computation of basic and diluted EPS is as follows:
| | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| (in thousands, except per share amounts) | 2025 | | 2024 | | 2023 |
| Net Income (Loss) | $ | 135,988 | | | $ | 152,453 | | | $ | 141,476 | |
| Noncontrolling interests | 2,408 | | | (30,707) | | | (10,855) | |
| | | | | |
| | | | | |
| Net Income (Loss) Attributable to Virtus Investment Partners, Inc. | $ | 138,396 | | | $ | 121,746 | | | $ | 130,621 | |
| Shares (in thousands): | | | | | |
| Basic: Weighted-average number of shares outstanding | 6,829 | | | 7,082 | | | 7,249 | |
| Plus: Incremental shares from assumed conversion of dilutive instruments | 100 | | | 128 | | | 126 | |
| Diluted: Weighted-average number of shares outstanding | 6,929 | | | 7,210 | | | 7,375 | |
| Earnings (Loss) per Share—Basic | $ | 20.27 | | | $ | 17.19 | | | $ | 18.02 | |
| Earnings (Loss) per Share—Diluted | $ | 19.97 | | | $ | 16.89 | | | $ | 17.71 | |
The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.
| | | | | | | | | | | | | | | | | |
| Years Ended Years Ended December 31, |
| (in thousands) | 2025 | | 2024 | | 2023 |
| Restricted stock units and stock options | 24 | | | 1 | | | 2 | |
| | | | | |
| Total anti-dilutive securities | 24 | | | 1 | | | 2 | |
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.