Earnings Per Share

3 Months Ended

Mar. 31, 2025

15.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 three months ended March 31, 2025 and 2024:



	For the three months
	ended March 31,
	2025		2024

	(in thousands, except per share data)
Numerator:
Net income attributable to SBA
Communications Corporation	$	220,732	$	154,543
Denominator:
Basic weighted-average shares outstanding		107,744		108,102
Dilutive impact of stock options, RSUs, and PSUs		396		514
Diluted weighted-average shares outstanding		108,140		108,616
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	2.05	$	1.43
Diluted	$	2.04	$	1.42

For the three months ended March 31, 2025 and 2024, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s stock options, RSUs, and PSUs because the impact would be anti-dilutive.