WYNN RESORTS LTDWYNN

WYNN RESORTS LTD Earnings Per Share Disclosure

10-KFiled Mar 2, 20262 min read
Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred at the later of the date of issuance or the beginning of the period presented under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Potentially dilutive securities include share-based awards outstanding under the WRL Omnibus Plan.

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts):
Year Ended December 31,
202520242023
Numerator:
Net income attributable to Wynn Resorts, Limited - basic$327,334 $501,078 $729,994 
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds(1)
— (21,005)(16,495)
Net income attributable to Wynn Resorts, Limited - diluted$327,334 $480,073 $713,499 
Denominator:
Weighted average common shares outstanding103,697 109,966 112,523 
Potential dilutive effect of stock options, nonvested, and performance nonvested shares546 301 332 
Weighted average common and common equivalent shares outstanding104,243 110,267 112,855 
Net income attributable to Wynn Resorts, Limited per common share, basic$3.16 $4.56 $6.49 
Net income attributable to Wynn Resorts, Limited per common share, diluted$3.14 $4.35 $6.32 
Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share361 310 238 
(1)    The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the year ended December 31, 2025.

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Feb 13, 2025

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.

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