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Per-share & capital returns

Diluted EPS

Diluted EPS is earnings per share calculated as if all dilutive stock options and convertibles had been turned into shares.

Part of the Growth & Capital Returns course · Lesson 7 of 26
Formula
Adjusted Net Income / (Weighted-Average Shares + Dilutive Potential Shares)

What it is

Diluted earnings per share is a more conservative version of EPS. It assumes that every security that could become a common share, such as employee stock options, warrants, and convertible bonds, actually does, as long as doing so would lower EPS. This spreads profit across a larger share count, so diluted EPS is always equal to or lower than basic EPS.

Why it matters

It shows the worst-case dilution today's shareholders could face, which matters most for companies that pay people heavily in options. A large gap between basic and diluted EPS is a warning sign that existing owners' stakes are being watered down.

How it's calculated

Adjust net income for the after-tax effect of dilutive convertibles, then divide by the weighted-average shares plus all dilutive potential shares (using the treasury-stock method for options); anti-dilutive securities are excluded.

How Quintarthai uses it

Diluted per-share figures are shown alongside basic EPS on the Ratios tab and in the Financials income statement for each company. Open a company page in the app to compare them.

Cross-border note. Both US GAAP and IFRS require diluted EPS on the income statement, so it is directly comparable between US (EDGAR) and Canadian (SEDAR+) filers.

FAQ

Can diluted EPS ever be higher than basic EPS?
No. By rule, diluted EPS can only equal or fall below basic EPS, because adding potential shares can never increase per-share earnings; anti-dilutive securities are simply excluded.
Which EPS should I use for the P/E ratio?
Diluted EPS is the more conservative and widely cited choice, since it reflects the full potential share count rather than understating dilution.
Related terms
See Diluted EPS on a real company
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