NET INCOME PER SHARE OF COMMON STOCK

The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities.

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month and six month periods ended June 30, 2025 and 2024 are presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income attributable to Lazard	$	55,346	$	49,909	$	115,721	$	85,664
Adjustment for earnings attributable to participating securities	(904)		(873)		(2,713)		(2,152)
Net income attributable to Lazard - basic	54,442		49,036		113,008		83,512
Adjustment for earnings attributable to participating securities	–		206		–		401
Net income attributable to Lazard - diluted	$	54,442	$	49,242	$	113,008	$	83,913
Weighted average number of shares of common stock outstanding	94,242,231		90,172,325		92,776,709		89,360,041
Weighted average number of shares of common stock issuable on a non-contingent basis	3,292,088		2,714,039		3,618,162		2,713,373
Weighted average number of shares of common stock outstanding - basic	97,534,319		92,886,364		96,394,871		92,073,414
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	7,377,314		7,741,503		8,475,322		7,916,403
Weighted average number of shares of common stock outstanding - diluted	104,911,633		100,627,867		104,870,193		99,989,817
Net income attributable to Lazard per share of common stock:
Basic	$	0.56	$	0.53	$	1.17	$	0.91
Diluted	$	0.52	$	0.49	$	1.08	$	0.84

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