Earnings Per Share

12 Months Ended

Dec. 31, 2023

16.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 years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data):



	For the year ended December 31,
	2023		2022		2021
Numerator:
Net income attributable to SBA
Communications Corporation	$	501,812	$	461,429	$	237,624
Denominator:
Basic weighted-average shares outstanding		108,204		107,957		109,328
Dilutive impact of stock options, RSUs, and PSUs		703		1,429		1,849
Diluted weighted-average shares outstanding		108,907		109,386		111,177
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	4.64	$	4.27	$	2.17
Diluted	$	4.61	$	4.22	$	2.14

For the years ended December 31, 2023, 2022, and 2021, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.