Earnings Per Share

9 Months Ended

Sep. 30, 2025

The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):


	Three months ended				Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income attributable to Harley-Davidson, Inc.	$	377,366	$	119,040	$	618,041	$	572,249

Basic weighted-average shares outstanding	120,614		130,078		122,015		133,187
Effect of dilutive securities – employee stock compensation plan	1,062		884		840		798
Diluted weighted-average shares outstanding	121,676		130,962		122,855		133,985
Net earnings per share:
Basic	$	3.13	$	0.92	$	5.07	$	4.30
Diluted	$	3.10	$	0.91	$	5.03	$	4.27

Shares of common stock related to share-based compensation that were not included in the effect of dilutive securities because the effect would have been anti-dilutive include 0.5 million and 0.4 million shares for the three months ended September 30, 2025 and September 30, 2024, respectively, and 1.6 million and 0.9 million shares for the nine months ended September 30, 2025 and September 30, 2024, respectively.