NET INCOME (LOSS) PER SHARE OF COMMON STOCK

9 Months Ended

Sep. 30, 2024

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

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 (loss) per share calculations using the “two-class” method for the three month and nine month periods ended September 30, 2024 and 2023 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss) attributable to Lazard	$	107,938	$	7,139	$	193,602	$	(139,046)
Adjustment for earnings attributable to participating securities	(2,579)		(1,029)		(4,732)		(2,917)
Net income (loss) attributable to Lazard - basic	105,359		6,110		188,870		(141,963)
Adjustment for earnings attributable to participating securities	463		–		864		–
Net income (loss) attributable to Lazard - diluted	$	105,822	$	6,110	$	189,734	$	(141,963)
Weighted average number of shares of common stock outstanding	90,276,294		87,067,104		89,665,458		86,529,833
Weighted average number of shares of common stock issuable on a non-contingent basis	3,351,182		2,358,796		2,925,977		2,052,635
Weighted average number of shares of common stock outstanding - basic	93,627,476		89,425,900		92,591,435		88,582,468
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	9,847,758		4,883,324		8,560,189		–
Weighted average number of shares of common stock outstanding - diluted	103,475,234		94,309,224		101,151,624		88,582,468
Net income (loss) attributable to Lazard per share of common stock:
Basic	$	1.13	$	0.07	$	2.04	$	(1.60)
Diluted	$	1.02	$	0.06	$	1.88	$	(1.60)

___________________________________

(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, 2024 of 1,229,021 and 1,541,854, respectively, and from RSUs, PRSUs and PIPRs for the nine month period ended September 30, 2023 of 4,785,903, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income (loss) per share as the effect would be antidilutive in the respective periods.