The Company’s unvested RSUs are deemed to be participating securities; therefore, the Company applies the two-class method for the calculation of basic earnings per share (“EPS”) for the Class A shares. Diluted EPS attributable to Class A shares is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

Class B shares are considered potentially dilutive of Class A shares because they are convertible into Class A shares on a one-for-one basis; therefore, the Company applies the if-converted method for the calculation of diluted EPS for the Class A shares.

The following table sets forth the computation of basic and diluted EPS attributable to our Class A shares for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
(in thousands, except for share and per share amounts)	2026		2025
Numerator
Net income	$	17,868	$	15,459
Less: Net income attributable to noncontrolling interest		9,153		8,995
Net income attributable to LandBridge Company LLC		8,715		6,464
Less: Earnings allocated to participating securities		165		202
Basic net income attributable to LandBridge Company LLC	$	8,550	$	6,262
Plus: Net income attributable to noncontrolling interest		9,153		8,995
Plus: Undistributed earnings reallocation adjustment to participating securities		-		1
Diluted net income attributable to shareholders	$	17,703	$	15,258

Denominator
Basic weighted average shares outstanding		27,838,580		23,255,419
Dilutive Class B shares outstanding		49,240,351		53,209,359
Diluted weighted average shares outstanding		77,078,931		76,464,778

Basic net income per share of Class A shares	$	0.31	$	0.27
Diluted net income per share of Class A shares	$	0.23	$	0.20

Class B shares outstanding as of March 31, 2026 and 2025 were determined to be dilutive and have been included in the computation of diluted net income per share. In addition, weighted-average RSUs of 537,277 and 750,600 were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive for the three months ended March 31, 2026 and 2025, respectively, and have been excluded from the computation of diluted net income per share.