The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
	Three months ended June 30,
	2025				2024

Numerator:
Net income attributable to Nelnet, Inc.	$	178,170	3,289	181,459	44,239	852	45,091
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,824,313		661,292	36,485,605	35,835,387	690,095	36,525,482
Earnings per share - basic and diluted	$	4.97	4.97	4.97	1.23	1.23	1.23

	Six months ended June 30,
	2025				2024

Numerator:
Net income attributable to Nelnet, Inc.	$	259,158	4,860	264,018	116,178	2,320	118,498
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,810,499		671,536	36,482,035	36,119,876	721,351	36,841,227
Earnings per share - basic and diluted	$	7.24	7.24	7.24	3.22	3.22	3.22