Earnings Per Share

3 Months Ended

Mar. 31, 2026

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, 2026 and 2025:



	For the three months
	ended March 31,
	2026		2025


Numerator:
Net income attributable to SBA
Communications Corporation	$	184,830	$	220,732
Denominator:
Basic weighted-average shares outstanding		105,815		107,744
Dilutive impact of stock options, RSUs, and PSUs		296		396
Diluted weighted-average shares outstanding		106,111		108,140
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	1.75	$	2.05
Diluted	$	1.74	$	2.04

For the three months ended March 31, 2026 and 2025, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s RSUs, PSUs, and stock options because the impact would be anti-dilutive.