Earnings Per Share (“EPS”)

12 Months Ended

Dec. 31, 2025

Earnings Per Share ("EPS")

Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of share-based awards, as well as adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued.

The following table provides a reconciliation of income (loss) from continuing operations to net income (loss) for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Income (loss) from continuing operations	$	64,585	$	64,003	$	40,810




Distributions and allocations to participating securities	—		(23)		(106)
Income (loss) from continuing operations available to A&B shareholders	64,585		63,980		40,704
Income (loss) from discontinued operations available to A&B shareholders	89		(3,466)		(7,847)
Exclude: Loss (income) attributable to discontinued noncontrolling interest	—		—		(3,151)
Net income (loss) available to A&B common shareholders	$	64,674	$	60,514	$	29,706

The number of shares used to compute basic and diluted earnings per share for the years ended December 31, 2025, 2024, and 2023:


	2025	2024	2023
Denominator for basic EPS - weighted average shares outstanding	72,717	72,606	72,559
Effect of dilutive securities:
Restricted stock unit awards	330	146	217

Denominator for diluted EPS - weighted average shares outstanding	73,047	72,752	72,776

The number of anti-dilutive securities, excluded from the calculation of diluted earnings per common share, during the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025	2024	2023
Number of anti-dilutive securities	83	2	73