Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share

Earnings Per Share

8. Earnings Per Share

Basic earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, including outstanding unvested equity awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed using net income attributable to Penske Automotive Group common stockholders and the number of weighted average shares of voting common stock outstanding, adjusted for any dilutive effects. A reconciliation of the number of shares used in

the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2021, and 2020 follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2021	2020	2021	2020
Weighted average number of common shares outstanding	80,691,996	80,421,478	80,649,824	80,731,889
Effect of non-participatory equity compensation	34,442	40,000	34,442	40,000
Weighted average number of common shares outstanding, including effect of dilutive securities	80,726,438	80,461,478	80,684,266	80,771,889