Earnings per share

6 Months Ended

Jun. 30, 2025

NOTE 7 – Earnings per share

Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts):


	Quarter ended June 30,						Six months ended June 30,
	2025			2024			2025			2024

Net income	$	67,902		$	82,029		$	126,209		$	271,291
Net loss attributable to the noncontrolling interest		20			115			384			413
Adjustment of redeemable noncontrolling interest to redemption value		(157	)		(496	)		(912	)		(1,156	)
Earnings available to common shareholders	$	67,765		$	81,648		$	125,681		$	270,548

Weighted average number of common shares outstanding - basic		161,472			169,512			161,162			173,668
Effect of dilutive securities:
Restricted stock units		652			250			718			344
Performance share awards		142			118			151			146
401(k) match shares		401			—			263			—
Weighted average number of common shares outstanding - diluted		162,667			169,880			162,294			174,158

Net income per share - basic	$	0.42		$	0.48		$	0.78		$	1.56
Net income per share - diluted	$	0.42		$	0.48		$	0.77		$	1.55

Historically, we made matching contributions to eligible employees participating in our 401(k) plan on a bi-weekly basis. We amended the 401(k) plan as of January 2025 so that, going forward, we will make annual matching contributions to eligible employees in the first quarter of the following year, meaning that matching contributions earned in 2025 will be made to eligible employees in the first quarter of 2026. We will continue to make the matching contribution in the form of TEGNA shares. We have included the dilutive impact of the 401(k) match that has been earned, but not yet contributed, in the dilutive shares calculation above.

Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance share awards. The diluted earnings per share amounts exclude the effects of approximately 40 thousand and 50 thousand stock awards for the three and six months ended June 30, 2025, respectively, and approximately 400 thousand and 500 thousand stock awards for the three and six months ended June 30, 2024, respectively, as their inclusion would be accretive to earnings per share.