Earnings per share

9 Months Ended

Sep. 30, 2025

NOTE 7 – Earnings per share

Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts):


	Quarter ended Sept. 30,					Nine months ended Sept. 30,
	2025		2024			2025			2024

Net income	$	37,116	$	147,188		$	163,325		$	418,479
Net loss attributable to the noncontrolling interest		—		260			384			673
Adjustment of redeemable noncontrolling interest to redemption value		—		(641	)		(912	)		(1,797	)
Earnings available to common shareholders	$	37,116	$	146,807		$	162,797		$	417,355

Weighted average number of common shares outstanding - basic		161,606		165,188			161,312			170,820
Effect of dilutive securities:
Restricted stock units		755		447			730			378
Performance share awards		126		113			142			136
401(k) match shares		560		—			362			—
Weighted average number of common shares outstanding - diluted		163,047		165,748			162,546			171,334

Net income per share - basic	$	0.23	$	0.89		$	1.01		$	2.44
Net income per share - diluted	$	0.23	$	0.89		$	1.00		$	2.44

Historically, we made matching contributions to eligible employees participating in our 401(k) plan on a bi-weekly basis. We amended the 401(k) plan as of January 2025 so that, going forward, we will make annual matching contributions to eligible employees in the first quarter of the following year, meaning that matching contributions earned in 2025 will be made to eligible employees in the first quarter of 2026. We will continue to make the matching contribution in the form of TEGNA shares. We have included the dilutive impact of the 401(k) match that has been earned, but not yet contributed, in the dilutive shares calculation above.

Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance share awards. The diluted earnings per share amounts exclude the effects of approximately 10 thousand and 40 thousand stock awards for the three and nine months ended September 30, 2025, respectively, and approximately 160 thousand and 360 thousand stock awards for the three and nine months ended September 30, 2024, respectively, as their inclusion would be accretive to earnings per share.