NET INCOME (LOSS) PER SHARE OF COMMON STOCK

6 Months Ended

Jun. 30, 2023

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

NET INCOME (LOSS) PER SHARE OF COMMON STOCKThe 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 (loss) per share calculations using the “two-class” method for the three month and six month periods ended June 30, 2023 and 2022 are presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss) attributable to Lazard Ltd	$	(124,013)	$	95,480	$	(146,185)	$	209,356
Add - adjustment for earnings attributable to participating securities	(763)		(1,090)		(1,888)		(2,823)
Net income (loss) attributable to Lazard Ltd - basic	(124,776)		94,390		(148,073)		206,533
Add - adjustment for earnings attributable to participating securities	-		554		-		1,683
Net income (loss) attributable to Lazard Ltd - diluted	$	(124,776)	$	94,944	$	(148,073)	$	208,216
Weighted average number of shares of common stock outstanding	86,787,954		97,380,282		86,261,198		99,007,501
Add - adjustment for shares of common stock issuable on a non-contingent basis	1,941,700		1,279,891		1,899,555		1,596,223
Weighted average number of shares of common stock outstanding - basic	88,729,654		98,660,173		88,160,753		100,603,724
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	-		4,093,163		-		4,866,264
Weighted average number of shares of common stock outstanding - diluted	88,729,654		102,753,336		88,160,753		105,469,988
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic	$	(1.41)	$	0.96	$	(1.68)	$	2.05
Diluted	$	(1.41)	$	0.92	$	(1.68)	$	1.97

___________________________________

(a)The weighted average number of incremental shares of common stock issuable from share-based incentive compensation for the three month and six month periods ended June 30, 2023 of 3,427,886 and 4,737,193, respectively, that could be potentially dilutive, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive.