Earnings Per Share

9 Months Ended

Sep. 30, 2025

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the three and nine months ended September 30, 2025 and 2024:



	For the three months				For the nine months
	ended September 30,				ended September 30,
	2025		2024		2025		2024

	(in thousands, except per share data)
Numerator:
Net income attributable to SBA
Communications Corporation	$	236,816	$	258,534	$	683,342	$	575,906
Denominator:
Basic weighted-average shares outstanding		107,257		107,486		107,509		107,683
Dilutive impact of stock options, RSUs, and PSUs		302		436		322		389
Diluted weighted-average shares outstanding		107,559		107,922		107,831		108,072
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	2.21	$	2.41	$	6.36	$	5.35
Diluted	$	2.20	$	2.40	$	6.34	$	5.33

For the three and nine months ended September 30, 2025 and 2024, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s stock options, RSUs, and PSUs because the impact would be anti-dilutive.