WD 40 CO Earnings Per Share Disclosure
| Fiscal Year Ended August 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income | $ | 90,994 | $ | 69,644 | $ | 65,993 | |||||||||||
| Less: Net income allocated to participating securities | (260) | (246) | (272) | ||||||||||||||
| Net income available to common stockholders | $ | 90,734 | $ | 69,398 | $ | 65,721 | |||||||||||
| Fiscal Year Ended August 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Weighted-average common shares outstanding, basic | 13,544 | 13,554 | 13,578 | ||||||||||||||
| Weighted-average dilutive securities | 23 | 26 | 26 | ||||||||||||||
| Weighted-average common shares outstanding, diluted | 13,567 | 13,580 | 13,604 | ||||||||||||||
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.