Basic and diluted net income per share of PJT Partners Inc. Class A common stock for the three and six months ended June 30, 2025 and 2024 is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$	32,900	$	28,316	$	86,916	$	60,939
Incremental Net Income from Dilutive Securities		19,481		17,553		54,097		38,447
Net Income Attributable to Shares of Class A Common Stock — Diluted	$	52,381	$	45,869	$	141,013	$	99,386
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic		25,835,812		25,376,186		25,681,563		25,533,358
Weighted-Average Number of Incremental Shares from Unvested RSUs		2,275,124		2,191,919		2,828,065		2,334,946
Weighted-Average Number of Incremental Shares from Partnership Units		15,329,073		15,523,613		15,441,860		15,559,301
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted		43,440,009		43,091,718		43,951,488		43,427,605
Net Income Per Share of Class A Common Stock
Basic	$	1.27	$	1.12	$	3.38	$	2.39
Diluted	$	1.21	$	1.06	$	3.21	$	2.29

Holders of common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) (other than PJT Partners Inc.) have the right, subject to the terms and conditions set forth in the partnership agreement of PJT Partners Holdings LP, as amended and restated, on a quarterly basis (subject to the terms of the exchange agreement, as amended), exchange all or part of their Partnership Units for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for PJT Partners Inc. Class A common stock, weighted-average PJT Partners Inc. Class A common stock outstanding would be 41,164,885 and 41,123,423 for the three and six months ended June 30, 2025, respectively, excluding unvested restricted stock units (“RSUs”). In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of PJT Partners Inc. Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three and six months ended June 30, 2025 and 2024, there were no anti-dilutive securities.

On February 6, 2024, the Company announced that the Board authorized a $500 million Class A common stock repurchase program, which replaced the then-existing $200 million repurchase program authorized on April

25, 2022. As of June 30, 2025, the Company’s remaining repurchase authorization was $87.2 million. Under the current repurchase program, which has no expiration date, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including economic and market conditions, price, and legal requirements. The repurchase program may be suspended or discontinued at any time.

During the six months ended June 30, 2025, the Company repurchased 1.3 million shares of the Company’s Class A common stock at an average price per share of $149.85, or $190.5 million in aggregate, excluding excise tax on net share repurchases, pursuant to the share repurchase program.