The Company issued certain profits interest participation rights, including certain PRPUs, that the Company is required under U.S. GAAP to treat as participating securities and therefore the Company is required to utilize the “two-class” method of computing basic and diluted net income per share.

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, 2019 and using the “treasury stock” method for the three month and nine month periods ended September 30, 2018 are presented below:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019			2018		2019			2018
Net income attributable to Lazard Ltd	$	46,704		$	107,074	$	209,523		$	413,729
Add - adjustment for earnings attributable to participating securities		(625	)		-		(2,229	)		-
Net income attributable to Lazard Ltd - basic		46,079			107,074		207,294			413,729
Add - adjustment for earnings attributable to participating securities		-			-		5			-
Net income attributable to Lazard Ltd - diluted	$	46,079		$	107,074	$	207,299		$	413,729
Weighted average number of shares of Class A common stock outstanding		106,730,627			119,197,949		109,474,950			119,647,775
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		2,555,100			258,567		1,595,445			249,851
Weighted average number of shares of Class A common stock outstanding - basic		109,285,727			119,456,516		111,070,395			119,897,626
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation		4,595,963			10,403,212		5,888,646			10,852,766
Weighted average number of shares of Class A common stock outstanding - diluted		113,881,690			129,859,728		116,959,041			130,750,392
Net income attributable to Lazard Ltd per share of Class A common stock:
Basic	$	0.42		$	0.90	$	1.87		$	3.45
Diluted	$	0.40		$	0.82	$	1.77		$	3.16