Earnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method, as determined under the if-converted method.


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026		2025
Net Income (Loss)	$	6,151	$	28,052
Noncontrolling interests	974		595


Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$	7,125	$	28,647
Shares:
Basic: Weighted-average number of shares outstanding	6,690		6,955
Plus: Incremental shares from assumed conversion of dilutive instruments	116		118
Diluted: Weighted-average number of shares outstanding	6,806		7,073
Earnings (Loss) per Share—Basic	$	1.07	$	4.12
Earnings (Loss) per Share—Diluted	$	1.05	$	4.05

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.