Basic net income per share of common stock is determined by dividing net income attributable to ARIS stockholders by the weighted average number of common stock outstanding for the years ended December 31, 2025, 2024 and 2023, excluding unvested restricted Class E shares. The restricted Class E shares are considered to be participating securities because they contain non-forfeitable rights to distributions. The restricted Class E shares participate equally with all classes of common stock, therefore net income has not been presented separately.

The following table sets forth the computation of our basic and diluted earnings per share (amounts in thousands, except per share amounts):


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net income attributable to ARIS stockholders	$	61,269		$	43,567		$	12,759
Less: earnings allocated to unvested participating securities		(7	)		(7	)		(4	)
Net income available for ARIS stockholders - basic and diluted	$	61,262		$	43,560		$	12,755

Denominator:
Weighted average shares of common stock outstanding - basic		56,957,094			33,757,803			11,847,675
Effect of dilutive unvested restricted Class E shares		3,538			3,624			3,063
Weighted average shares of common stock outstanding - diluted		56,960,632			33,761,427			11,850,738

Earnings per share available for ARIS shareholders:
Net income per share of common stock - basic	$	1.08		$	1.29		$	1.08
Net income per share of common stock - diluted	$	1.08		$	1.29		$	1.08