Per Share Information

12 Months Ended

Sep. 30, 2025

6. PER SHARE INFORMATION

Basic earnings per share is calculated as income (loss) available to common stockholders, divided by the weighted average number of common shares outstanding during the period. If the effect is dilutive, participating securities are included in the computation of basic earnings per share. Our participating securities do not have a contractual obligation to share in the losses in any given period. As a result, these participating securities will not be allocated any losses in the periods of net losses, but will be allocated income in the periods of net income using the two-class method.

The following table reconciles the components of the basic and diluted earnings per share for the years ended September 30, 2025, 2024 and 2023:


	Year Ended September 30,
	2025		2024		2023
Numerator:
Net income attributable to IES Holdings, Inc.	$	305,975	$	219,116	$	108,288
Increase in noncontrolling interest	(2,917)		(17,140)		(15,701)
Net income attributable to restricted shareholders of IES Holdings, Inc.	—		—		(11)
Net income attributable to common shareholders of IES Holdings, Inc.	$	303,058	$	201,976	$	92,576

Denominator:
Weighted average common shares outstanding — basic	19,917,463		20,160,143		20,196,850
Effect of dilutive stock options and non-vested securities	265,334		254,789		216,182
Weighted average common and common equivalent shares outstanding — diluted	20,182,797		20,414,932		20,413,032

Earnings per share attributable to common shareholders of IES Holdings, Inc.:
Basic	$	15.22	$	10.02	$	4.58
Diluted	$	15.02	$	9.89	$	4.54

Potentially dilutive securities excluded from the computation of diluted earnings per share as the effect of their inclusion would have been anti-dilutive:
Employee PSUs	4,789		—		—

For the years ended September 30, 2025, 2024 and 2023, the average price of our common stock exceeded the exercise price of outstanding stock options; therefore, all of our outstanding stock options were included in the computation of diluted earnings per

share. For the years ended September 30, 2025, 2024 and 2023, there were no other unvested performance awards excluded from the calculation of diluted earnings per share because the inclusion of such instruments would have been anti-dilutive.