Earnings Per Share

3 Months Ended

Mar. 31, 2025

Basic earnings per share is computed by dividing net earnings attributable to TXNM by the weighted average number of common shares outstanding during the period. Diluted earnings per share was computed by dividing net earnings attributable to TXNM by the diluted weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other agreements to issue common stock were settled. TXNM applies the treasury stock method for restricted stock and the unsettled shares sold under forward sale agreements pursuant to the TXNM ATM Programs. The if-converted method is applied in determining the potential dilutive effect of the conversion of outstanding Convertible Notes.

Information regarding the computation of earnings per share is as follows:


	Three Months Ended
	March 31,
		2025		2024
		(In thousands, except per share amounts)
Net Earnings Attributable to TXNM		$	8,923	$	47,190
Average Number of Common Shares:
Outstanding during period		92,659		90,200
Vested awards of restricted stock		358		283
Average Shares – Basic		93,017		90,483
Dilutive Effect of Common Stock Equivalents:
Restricted stock		44		31

TXNM ATM Programs		118		—
Average Shares – Diluted		93,179		90,514

Net Earnings Per Share of Common Stock:
Basic		$	0.10	$	0.52
Diluted		$	0.10	$	0.52