WASTE MANAGEMENT INC Earnings Per Share Disclosure
15. Earnings Per Share
Basic and diluted earnings per share were computed using the following common share data for the year ended December 31 (shares in millions):
| 2025 | | 2024 | | 2023 | |
Number of common shares outstanding at end of period |
| 402.9 | 401.5 |
| 401.5 | |
Effect of using weighted average common shares outstanding |
| (0.2) | — |
| 3.4 | |
Weighted average basic common shares outstanding |
| 402.7 | 401.5 |
| 404.9 | |
Dilutive effect of equity-based compensation awards and other contingently issuable shares |
| 1.5 | 1.9 |
| 2.0 | |
Weighted average diluted common shares outstanding |
| 404.2 | 403.4 |
| 406.9 | |
Potentially issuable shares |
| 4.2 | 4.7 |
| 5.0 | |
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding |
| 0.8 | 1.2 |
| 1.0 |
Refer to the Consolidated Statements of Operations for net income attributable to Waste Management, Inc.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 7, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 18, 2016 | |
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.