NET INCOME PER SHARE OF COMMON STOCK

3 Months Ended

Mar. 31, 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 periods ended March 31, 2025 and 2024 are presented below:


	Three Months Ended March 31,
	2025		2024
Net income attributable to Lazard	$	60,375	$	35,755
Adjustment for earnings attributable to participating securities	(1,810)		(1,279)
Net income attributable to Lazard - basic	58,565		34,476
Adjustment for earnings attributable to participating securities	–		195
Net income attributable to Lazard - diluted	$	58,565	$	34,671
Weighted average number of shares of common stock outstanding	91,311,188		88,547,757
Weighted average number of shares of common stock issuable on a non-contingent basis	3,944,235		2,712,708
Weighted average number of shares of common stock outstanding - basic	95,255,423		91,260,465
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	9,573,330		8,091,304
Weighted average number of shares of common stock outstanding - diluted	104,828,753		99,351,769
Net income attributable to Lazard per share of common stock:
Basic	$	0.61	$	0.38
Diluted	$	0.56	$	0.35

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(a)The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month periods ended March 31, 2025 and 2024 of 2,814,720 and 2,167,520 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.