NET INCOME PER SHARE OF COMMON STOCK

9 Months Ended

Sep. 30, 2025

The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities.

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month and nine month periods ended September 30, 2025 and 2024 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income attributable to Lazard	$	71,247	$	107,938	$	186,968	$	193,602
Adjustment for earnings attributable to participating securities	(1,555)		(2,579)		(4,269)		(4,732)
Net income attributable to Lazard - basic	69,692		105,359		182,699		188,870
Adjustment for earnings attributable to participating securities	–		463		–		864
Net income attributable to Lazard - diluted	$	69,692	$	105,822	$	182,699	$	189,734
Weighted average number of shares of common stock outstanding	94,527,248		90,276,294		93,360,222		89,665,458
Weighted average number of shares of common stock issuable on a non-contingent basis	3,585,145		3,351,182		3,607,157		2,925,977
Weighted average number of shares of common stock outstanding - basic	98,112,393		93,627,476		96,967,379		92,591,435
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	9,889,369		9,847,758		8,946,671		8,560,189
Weighted average number of shares of common stock outstanding - diluted	108,001,762		103,475,234		105,914,050		101,151,624
Net income attributable to Lazard per share of common stock:
Basic	$	0.71	$	1.13	$	1.88	$	2.04
Diluted	$	0.65	$	1.02	$	1.72	$	1.88

__________________________________

(a)The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month and nine month periods ended September 30, 2025 of 1,572,289 and 1,985,705, respectively, and for the three month and nine month periods ended September 30, 2024 of 1,229,021 and 1,541,854, respectively, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.