We have two classes of common stock in the form of Class A Common Stock and Class B Common Stock. Our shares of Class A Common Stock are entitled to dividends. Shares of Class B Common Stock do not participate in dividends or undistributed earnings, but holders of such shares receive pro rata distributions from OpCo through their ownership of corresponding OpCo Units. After the Corporate Simplification, there are no shares of Class B Common Stock outstanding. We apply the two-class method for purposes of calculating earnings per share (“EPS”). The two-class method determines earnings per share of Common Stock and participating securities according to dividends or dividend equivalents declared during the period and each security's respective participation rights in undistributed earnings and losses. Net income (loss) per share - diluted excludes the effect of 10.1 million and 3.5 million of RSUs and PSUs for the three months ended March 31, 2026 and March 31, 2025, respectively, that were not included in the computation of EPS because to do so would have been antidilutive to our net loss.

The dilutive effect of the 2031 Convertible Notes was determined using the if-converted method. Net income (loss) per share - diluted excludes the effect of 46.3 million shares issuable upon conversion of the 2031 Convertible Notes at the initial conversion rate for the three months ended March 31, 2026, that were not included in the computation of EPS because to do so would have been antidilutive to our net loss.


	Three Months Ended March 31,
	2026		2025
	(in thousands, except share and per share amounts)
Numerator:
Net income (loss)	$	(419,176)	$	5,911

Less: net (income) loss attributable to noncontrolling interests	(671)		(1,989)
Less: net (income) loss attributable to redeemable noncontrolling interests	—		(6,072)
Net income (loss) attributable to Crescent Energy - basic	$	(419,847)	$	(2,150)
Add: Interest expense, net of taxes, of 2031 Convertible Notes	—		—

Net income (loss) attributable to Crescent Energy - diluted	$	(419,847)	$	(2,150)
Denominator:
Weighted-average Class A Common Stock outstanding - basic	328,272,587		191,293,595
Add: dilutive effect of RSUs	—		—
Add: dilutive effect of PSUs	—		—
Add: dilutive effect of 2031 Convertible Notes	—		—
Weighted-average Class A Common Stock outstanding – diluted	328,272,587		191,293,595
Weighted-average Class B Common Stock outstanding – basic and diluted	—		65,260,089
Net income (loss) per share:
Class A Common Stock – basic	$	(1.28)	$	(0.01)
Class A Common Stock – diluted	$	(1.28)	$	(0.01)
Class B Common Stock – basic and diluted	$	—	$	—