Earnings Per Share

12 Months Ended

Dec. 31, 2024

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, 2024, 2023, and 2022 (in thousands, except per share data):



	For the year ended December 31,
	2024		2023		2022
Numerator:
Net income attributable to SBA
Communications Corporation	$	749,536	$	501,812	$	461,429
Denominator:
Basic weighted-average shares outstanding		107,644		108,204		107,957
Dilutive impact of stock options, RSUs, and PSUs		436		703		1,429
Diluted weighted-average shares outstanding		108,080		108,907		109,386
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	6.96	$	4.64	$	4.27
Diluted	$	6.94	$	4.61	$	4.22

For the years ended December 31, 2024, 2023, and 2022, 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.