WASHINGTON TRUST BANCORP INC Earnings Per Share Disclosure
| (Dollars and shares in thousands, except per share amounts) | |||||||||||
| Years ended December 31, | 2025 | 2024 | 2023 | ||||||||
Earnings for basic and diluted EPS calculations: | |||||||||||
| Net income (loss) | $52,244 | ($28,059) | $48,176 | ||||||||
| Less: dividends and undistributed earnings allocated to participating securities | — | (21) | 85 | ||||||||
| Net income (loss) available to common shareholders | $52,244 | ($28,038) | $48,091 | ||||||||
Shares for basic and diluted EPS calculations: | |||||||||||
Weighted average common shares outstanding for basic EPS | 19,180 | 17,149 | 17,033 | ||||||||
| Dilutive effect of common stock equivalents | 101 | — | 29 | ||||||||
Weighted average common and potential common shares outstanding for diluted EPS | 19,281 | 17,149 | 17,062 | ||||||||
EPS: | |||||||||||
| Basic earnings (loss) per common share | $2.72 | ($1.63) | $2.82 | ||||||||
| Diluted earnings (loss) per common share | $2.71 | ($1.63) | $2.82 | ||||||||
Shares excluded from the calculation of diluted EPS: | |||||||||||
Weighted average anti-dilutive common stock equivalents (1) | 431 | 481 | 466 | ||||||||
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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.