Basic earnings per share is computed by dividing net income attributable to Cardinal Infrastructure Group Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed by adjusting the net income available to Cardinal Infrastructure Group Inc. and the weighted average shares outstanding to give effect to potentially dilutive securities. Shares of Class B common stock are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities.

As a result of the acquisition, all continuing equity holders were exchanged for Class B non-participating securities. All earnings prior to December 10, 2025, the date of the IPO, were entirely allocable to the non-controlling interests and LLC owners, as a result, earnings per share information is not applicable for reporting periods prior to this date. Consequently, only earnings per share for net income for periods subsequent to December 9, 2025 are presented.

Basic and diluted earnings per share of common stock have been computed as follows:


	Three months ended March 31, 2026
Numerator:
Net income attributable to Cardinal Infrastructure Group Inc., Basic and Diluted	$	3,418,438

Denominator:
Weighted average shares of common stock outstanding, Basic		15,104,788
Dilutive effects of:
Unvested RSUs		21,891
Weighted average shares of common stock outstanding, Diluted		15,126,679

Basic earnings per share	$	0.23
Diluted earnings per share	$	0.23

The dilutive impact of 27,573,875 LLC interests that are exchangeable for Class A common stock is not included in the calculation of diluted earnings per share as the effect would be anti-dilutive.