Waste Connections, Inc. Earnings Per Share Disclosure
18. NET INCOME PER SHARE INFORMATION
The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s shareholders for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31, | ||||||||
2025 | | 2024 | | 2023 | ||||
Numerator: | ||||||||
Net income attributable to Waste Connections for basic and diluted earnings per share | $ | 1,076,557 | $ | 617,573 | $ | 762,800 | ||
Denominator: |
|
|
| |||||
Basic shares outstanding |
| 257,323,595 |
| 257,965,871 |
| 257,551,129 | ||
Dilutive effect of equity-based awards |
| 653,146 |
| 696,319 |
| 598,115 | ||
Diluted shares outstanding |
| 257,976,741 |
| 258,662,190 |
| 258,149,244 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 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.