The following table sets forth the reconciliation of the numerator and denominator of basic and diluted earnings per share for the years ended May 31, 2026, 2025 and 2024:


Year Ended May 31,	2026			2025			2024
(In thousands, except per share amounts)
Numerator for earnings per share:
Net income attributable to RPM International Inc. stockholders	$	661,392		$	688,688		$	588,397
Less: Allocation of earnings and dividends to participating securities		(2,581	)		(2,625	)		(2,630	)
Net income available to common shareholders - basic		658,811			686,063			585,767
Add: Undistributed earnings reallocated to unvested shareholders		6			9			8
Net income available to common shareholders - diluted	$	658,817		$	686,072		$	585,775
Denominator for basic and diluted earnings per share:
Basic weighted average common shares		127,049			127,570			127,767
Average diluted options and awards		505			634			573
Total shares for diluted earnings per share (1)		127,554			128,204			128,340
Earnings Per Share of Common Stock Attributable to
RPM International Inc. Stockholders:
Basic Earnings Per Share of Common Stock	$	5.19		$	5.38		$	4.58
Method used to calculate basic earnings per share	Two-Class			Two-Class			Two-Class
Diluted Earnings Per Share of Common Stock	$	5.17		$	5.35		$	4.56
Method used to calculate diluted earnings per share	Two-Class			Two-Class			Two-Class

(1)

The dilutive effect of performance stock units is included when they have met minimum performance thresholds. The dilutive effect of SARs includes all outstanding awards except awards that are considered antidilutive. SARs are antidilutive when the exercise price exceeds the average market price of the Company’s common shares during the periods presented. For the years ended May 31, 2026, 2025 and 2024, approximately 450,000, 170,000 and 260,000 shares of stock, respectively, granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive.