Earnings Per Share

3 Months Ended

Mar. 31, 2026

Due to the impact of the Reorganization Transactions, the Company’s capital structure for the period prior to the IPO is not comparable. As a result, the presentation of earnings per share for the periods prior to such transactions is not meaningful and only earnings per share for the period subsequent to the IPO is presented herein.

The Company computes earnings per share (“EPS”) of Class A common stock. Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Class A common stock outstanding. The Company’s Class B common stock and RSUs are nonparticipating securities because holders are not entitled to dividends or dividend equivalent payments.

For the calculation of diluted EPS, net income attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities. Diluted EPS attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of common stock outstanding, adjusted to give effect to dilutive elements including RSUs and convertible Class X Umbrella Units and LTIP Units to the extent these are dilutive.

The following table presents the calculation of basic and diluted earnings per share for the three months ended March 31, 2026 (in thousands, except share and per share amounts):


Numerator:
Net income	$	17,738
Net income attributable to noncontrolling interest	17,244
Net income attributable to Andersen Group Inc. stockholders, basic	$	494
Net income attributable to Andersen Group Inc. stockholders, diluted	$	494

Denominator:
Weighted average number of shares of Class A common stock outstanding, basic	12,650,000
Effect of dilutive RSUs	1,768,886
Effect of dilutive LTIP Units	395,835
Weighted average number of shares of Class A common stock outstanding, diluted	14,814,721

Earnings per share:
Earnings per share attributable to Class A common stockholders, basic	$	0.04
Earnings per share attributable to Class A common stockholders, diluted	$	0.03

The effect of the Company’s potentially dilutive Class X Umbrella Units were not included in the calculation of diluted earnings per share as the effect would be anti-dilutive. At March 31, 2026, 97,850,000 Class X Umbrella Units with a potentially dilutive impact were outstanding.