| Summary of Earnings Per Share, Basic and Diluted |
The following table sets forth reconciliations of the numerators and denominators used to calculate basic and diluted earnings per Class A ordinary share (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Numerator | | | | | | | | | Consolidated net income | $ | 90,635 | | | $ | 194,377 | | | $ | 524,068 | | | $ | 190,104 | | | Less: Net income attributable to the Continuing Investors Partnerships | 9,671 | | | 32,906 | | | 86,429 | | | 34,445 | | | Less: Net income attributable to the Legacy Investors Partnerships | 48,943 | | | 59,467 | | | 125,792 | | | 48,877 | | Less: Net income attributable to the Founder’s Equity(1) | 963 | | | — | | | 42,440 | | | — | | | Less: Net income attributable to the RP Holdings Class E Interests Holders | 882 | | | — | | | 882 | | | — | | | Net income attributable to Royalty Pharma plc - basic | 30,176 | | | 102,004 | | | 268,525 | | | 106,782 | | | Add: Reallocation of net income attributable to Continuing Investors Partnerships from the assumed exchanges of Class B ordinary shares | 9,671 | | | 32,906 | | | 86,429 | | | 34,445 | | | Add: Reallocation of net income attributable to the Holders of RP Holdings Class E Interests from the assumed exchanges of eligible Class B ordinary shares | 26 | | | — | | | 26 | | | — | | | Net income attributable to Royalty Pharma plc - diluted | $ | 39,873 | | | $ | 134,910 | | | $ | 354,980 | | | $ | 141,227 | | | | | | | | | | | Denominator | | | | | | | | | Weighted average Class A ordinary shares outstanding - basic | 423,514 | | | 451,020 | | | 429,464 | | | 449,822 | | | Add: Dilutive effects as shown separately below | | | | | | | | | Assumed exchanges of Class B ordinary shares by Continuing Investors Partnerships | 138,348 | | | 145,849 | | | 140,151 | | | 147,330 | | | Unvested RSUs | 25 | | | 43 | | | 36 | | | 43 | | | Shares contingently issuable for the Equity Performance Awards | 48 | | | — | | | 323 | | | — | | | Assumed exchanges of eligible Class B ordinary shares by Holders of RP Holdings Class E Interests | 363 | | | — | | | 183 | | | — | | | Weighted average Class A ordinary shares outstanding - diluted | 562,298 | | | 596,912 | | | 570,157 | | | 597,195 | | | | | | | | | | | Earnings per Class A ordinary share - basic | $ | 0.07 | | | $ | 0.23 | | | $ | 0.63 | | | $ | 0.24 | | | Earnings per Class A ordinary share - diluted | $ | 0.07 | | | $ | 0.23 | | | $ | 0.62 | | | $ | 0.24 | |
(1)Amounts represent the entirety of the EPAs prior to the Internalization and only the Founder’s Equity portion after the Internalization.
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