Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Reconciliation of the Numerator and Denominator Used in the Calculation of Basic and Diluted Earnings (Loss) per Share

A

reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings (loss) per share of

Class A common stock is as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Net income	$28,643	$15,703	$187,358	$135,977
Less: Net income attributable to non-controlling interests	11,054	20,750	106,447	97,786
Net income (loss) attributable to Ryan Specialty Holdings, Inc.	$17,589	$(5,047)	$80,911	$38,191
Numerator:
Net income (loss) attributable to Class A common shareholders	$17,589	$(5,047)	$80,911	$38,191
Add (less): Income attributed to substantively vested RSUs	369	(100)	(1,339)	687
Net income (loss) attributable to Class A common shareholders – basic	$17,958	$(5,147)	$79,572	$38,878
Add: Income attributed to dilutive shares	7,886	—	79,624	3,128
Net income (loss) attributable to Class A common shareholders – diluted	$25,844	$(5,147)	$159,196	$42,006
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	121,915,952	115,872,327	119,383,234	113,291,850
Add: Dilutive shares	150,770,317	—	151,900,158	11,591,673
Weighted-average shares of Class A common stock outstanding – diluted	272,686,269	115,872,327	271,283,392	124,883,523
Earnings (loss) per share
Earnings (loss) per share of Class A common stock – basic	$0.15	$(0.04)	$0.67	$0.34
Earnings (loss) per share of Class A common stock – diluted	$0.09	$(0.04)	$0.59	$0.34

Number of Shares Excluded from Calculation of Diluted Earnings (Loss) Per Share

The following number of shares were excluded from the calculation of diluted earnings (loss) per share because the effect

of including such potentially dilutive shares would have been antidilutive:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Conversion of non-controlling interest LLC Common Units1	—	141,689,681	—	142,974,016
Conversion of vested Class C Incentive Units1	—	98,699	—	65,028
Restricted Stock	—	1,015,761	—	—
IPO RSUs	—	3,229,891	—	—
Incentive RSUs	—	1,776,309	—	—
Reload Options	—	4,548,194	—	—
Staking Options	—	66,667	—	—
Incentive Options	150,000	168,099	150,000	168,099
Restricted Common Units	—	1,239,232	—	—
IPO RLUs	—	1,448,127	—	—
Incentive RLUs	—	482,329	—	—
Reload Class C Incentive Units	—	3,911,490	—	—
Staking Class C Incentive Units	—	1,876,669	—	—
Class C Incentive Units	—	495,822	—	495,822

1Weighted average units outstanding during the period.