EBIT per share

EBIT per share equals EBIT divided by diluted shares outstanding. It strips leverage and tax-rate effects out of the per-share view. Useful for cross-period comps when the company has changed its capital structure but the operating business has not^{[FASB ASC]}.

The formula

EBIT per share = EBIT / Diluted shares outstanding

Use the same diluted share count the company uses for diluted EPS.

What it tells you that EPS hides

A buyback can lift EPS while leaving EBIT per share flat (operating business unchanged).
A debt refinancing at a lower rate lifts EPS via lower interest expense; EBIT per share is unmoved.
A tax-rate windfall (DTA release, jurisdictional shift) lifts EPS; EBIT per share is unmoved.

Basic vs diluted

Use diluted in almost every case. Use basic only when the company has a complex anti-dilutive position (unusual for large caps).

See Apple FY25 and Microsoft FY25 for buyback-heavy worked examples.