Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2025

Earnings (Loss) Per Share

Earnings (Loss) Per Share

17. Earnings (Loss) Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands except per share amounts)	2025		2024		2025		2024
Numerator:
Net income (loss)	$	57,523	$	23,414	$	32,841	$	(27,392)
Less: net income (loss) attributable to non-controlling interests		(27,307)		(13,643)		(14,905)		14,856
Net income (loss) attributable to Camping World Holdings, Inc. — basic	$	30,216	$	9,771	$	17,936	$	(12,536)
Add: reallocation of net income (loss) attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs		27		19		—		—
Add: reallocation of net income (loss) attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock		—		—		11,049		—
Net income (loss) attributable to Camping World Holdings, Inc. — diluted	$	30,243	$	9,790	$	28,985	$	(12,536)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		62,610		45,093		62,571		45,070
Dilutive restricted stock units		137		151		195		—
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		—		—		39,895		—
Weighted-average shares of Class A common stock outstanding — diluted		62,747		45,244		102,661		45,070
Earnings (loss) per share of Class A common stock — basic	$	0.48	$	0.22	$	0.29	$	(0.28)
Earnings (loss) per share of Class A common stock — diluted	$	0.48	$	0.22	$	0.28	$	(0.28)

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands except per share amounts)	2025		2024		2025		2024
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings (loss) per share of Class A common stock:
Stock options to purchase Class A common stock		151		186		153		188
Restricted stock units		1,892		1,037		1,684		1,980
Common units of CWGS, LLC that are convertible into Class A common stock		39,895		40,045		—		40,045
Weighted-average contingently issuable shares excluded from the computation of diluted loss 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 earnings (loss) per share of Class B common stock or Class C common stock under the two-class method has not been presented.