WINNEBAGO INDUSTRIES INCWGO

WINNEBAGO INDUSTRIES INC Earnings Per Share Disclosure

10-KFiled Oct 22, 20252 min read
Earnings per Share
Basic and diluted earnings per share are calculated as follows:
(in millions, except per share data)202520242023
Earnings per share - basic
Net income$25.7 $13.0 $215.9 
Weighted average common shares outstanding28.2 29.2 30.3 
Basic earnings per common share(1)
$0.91 $0.44 $7.12 
Earnings per share - diluted
Net income$25.7 $13.0 $215.9 
Interest expense on convertible notes, net of tax— — 4.7 
Diluted net income$25.7 $13.0 $220.6 
Weighted average common shares outstanding28.2 29.2 30.3 
Dilutive impact of stock compensation awards0.1 0.3 0.3 
Dilutive impact of convertible notes— — 4.8 
Weighted average common shares outstanding, assuming dilution28.3 29.5 35.4 
Anti-dilutive securities excluded from weighted average diluted common shares outstanding0.5 0.2 0.1 
Diluted earnings per common share(1)
$0.91 $0.44 $6.23 
(1)    Earnings per share amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

The dilutive effect of stock compensation awards, if any, was determined using the treasury stock method while the dilutive impact of the 2025 Convertible Notes and the 2030 Convertible Notes was determined using the if-converted method. Under the treasury stock method, shares associated with certain anti-dilutive securities have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding or anti-dilution. Under the if-converted method, the 2025 Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, as the 2025 Convertible Notes will be convertible into cash, shares of our common stock or a
combination thereof, at our election. If dilutive, the resulting shares are included in the denominator of the calculation and interest charges, net of any income tax effects are added back to the numerator of the calculation. For the 2030 Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 2030 Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.

Historical Timeline

Fiscal YearFiled
2025Oct 22, 2025Showing above
2024Oct 23, 2024
2023Oct 18, 2023
2022Oct 19, 2022
2021Oct 20, 2021
2017Oct 20, 2017
2016Oct 18, 2016
2015Oct 27, 2015

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.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance