The Company calculates basic and diluted earnings per share (“EPS”) in accordance with ASC Topic 260, Earnings Per Share. Basic EPS is calculated using Net income (loss) attributable to Legence divided by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted EPS is calculated using Net income (loss) attributable to Legence divided by the weighted-average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The effect of potentially dilutive securities under the treasury stock method are not included in the computation of diluted EPS for periods in which there is a Net loss attributable to Legence, because to do so would be anti-dilutive. Potentially dilutive securities evaluated under the if-converted method are assessed each reporting period to determine their impact on diluted EPS. Class B Common Stock does not have economic rights in the Company, including no rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted EPS. As such, basic and diluted EPS of Class B Common Stock has not been presented.

The Company’s potentially dilutive securities consist of (i) unvested restricted stock units (“RSUs”) and unexercised stock options, with the dilutive effect calculated using the treasury stock method, (ii) exchange of LGN B Units to shares of Class A Common Stock, with the dilutive effect calculated using the if-converted method and (iii) settlement of deferred consideration related to the Bowers acquisition with shares of Class A Common Stock using the if-converted method.

The following table sets forth the computation of basic and diluted EPS. Prior to the IPO, Legence Holdings was a single-member limited liability company and did not present earnings per share. Due to the IPO and Corporate Reorganization, the Company’s capital structure before and after the IPO is not comparable and would not be meaningful to the users of these Condensed Consolidated financial statements. As a result, only earnings per share for the three months ended March 31, 2026 are presented.


	Three Months Ended
(in thousands, except per share data)	March 31, 2026
Numerator—basic:
Net income	$	17,394
Less: Net income attributable to noncontrolling interests	1,300
Net income attributable to Legence—basic	$	16,094
Denominator—basic:
Weighted-average Class A Common Stock outstanding—basic	67,151
Earnings per share—basic	$	0.24

Numerator—diluted:
Net income attributable to Legence—basic	$	16,094
Net income effect of dilutive securities:
Effect of RSUs and stock options	(10)
Effect of assumed exchange of LGN B Units	(2,137)
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option	(3)
Net income attributable to Legence—diluted	$	13,944
Denominator—diluted:
Weighted-average Class A Common Stock outstanding—basic	67,151
Weighted-average effect of dilutive securities:
Effect of RSUs and stock options	519
Effect of assumed exchange of LGN B Units	40,700
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option	61
Weighted-average Class A Common Stock outstanding—diluted	108,431
Earnings per share—diluted	$	0.13