Earnings Per Share

9 Months Ended

Sep. 30, 2023

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 and nine months ended September 30, 2023 and 2022 (in thousands, except per share data):



	For the three months				For the nine months
	ended September 30,				ended September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to SBA
Communications Corporation	$	87,419	$	100,009	$	392,284	$	358,150
Denominator:
Basic weighted-average shares outstanding		108,373		107,916		108,288		107,950
Dilutive impact of stock options, RSUs, and PSUs		518		1,442		729		1,466
Diluted weighted-average shares outstanding		108,891		109,358		109,017		109,416
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	0.81	$	0.93	$	3.62	$	3.32
Diluted	$	0.80	$	0.91	$	3.60	$	3.27

For the three and nine months ended September 30, 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.