STAG Industrial, Inc.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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10. Earnings Per Share
- Earnings Per Share
Under the two-class method of computing earnings per share, restricted shares of common stock are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends, unless and until a forfeiture occurs, and these awards must be included in the computation of earnings per share pursuant to the two-class method. During the years ended December 31, 2025, 2024 and 2023, there were 113,207,122,454 and 142,875, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. Participating securities are included in the computation of diluted earnings per share using the treasury stock method if the impact is more dilutive than the two-class method. Other potentially dilutive shares of common stock from the Company’s performance units and forward sales agreements are considered when calculating diluted earnings per share.
The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2025, 2024 and 2023.
| Year ended December 31, | |||
|---|---|---|---|
| Earnings Per Share (in thousands, except per share data) | 2025 | 2024 | 2023 |
| Numerator | |||
| Net income attributable to common stockholders | $273,350 | $189,038 | $192,633 |
| Denominator | |||
| Weighted average common shares outstanding — basic | 186,844 | 182,160 | 180,221 |
| Effect of dilutive securities(1) | |||
| Share-based compensation | 330 | 244 | 332 |
| Shares issuable under forward sale agreements | — | — | 2 |
| Weighted average common shares outstanding — diluted | 187,174 | 182,404 | 180,555 |
| Net income per share — basic and diluted | |||
| Net income per share attributable to common stockholders — basic | $1.46 | $1.04 | $1.07 |
| Net income per share attributable to common stockholders — diluted | $1.46 | $1.04 | $1.07 |
(1)During the years ended December 31, 2025, 2024, and 2023, there were 113,122, and 143 unvested restricted shares of common stock (on a weighted average basis), respectively, that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.
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