(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2025

(Loss) Earnings Per Share

(Loss) Earnings Per Share

17. (Loss) Earnings Per Share

Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands except per share amounts)	2025		2024		2025		2024
Numerator:
Net (loss) income	$	(29,351)	$	8,056	$	3,490	$	(19,336)
Less: net (loss) income attributable to non-controlling interests		(11,087)		(2,555)		(25,992)		12,301
Net (loss) income attributable to Camping World Holdings, Inc. — basic	$	(40,438)	$	5,501	$	(22,502)	$	(7,035)
Add: reallocation of net (loss) income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		—		2,127		—		(8,525)
Net (loss) income attributable to Camping World Holdings, Inc. — diluted	$	(40,438)	$	7,628	$	(22,502)	$	(15,560)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		62,735		45,232		62,627		45,124
Dilutive restricted stock units		—		341		—		—
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		—		40,045		—		40,045
Weighted-average shares of Class A common stock outstanding — diluted		62,735		85,618		62,627		85,169
(Loss) earnings per share of Class A common stock — basic	$	(0.64)	$	0.12	$	(0.36)	$	(0.16)
(Loss) earnings per share of Class A common stock — diluted	$	(0.64)	$	0.09	$	(0.36)	$	(0.18)
Weighted-average anti-dilutive securities excluded from the computation of diluted (loss) earnings per share of Class A common stock:
Stock options to purchase Class A common stock		144		158		150		182
Restricted stock units		2,359		890		2,423		2,031
Common units of CWGS, LLC that are convertible into Class A common stock		39,895		—		39,895		—
Weighted-average contingently issuable shares excluded from the computation of diluted (loss) earnings per share of Class A common stock since all necessary conditions had not been satisfied:
Performance stock units(1)		750		—		750		—

(1) See Note 16 – Stock-Based Compensation Plans for further details of PSUs.

Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate basic and diluted (loss) earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.