The company calculates basic earnings per share for the quarter ended June 30, 2026 by dividing net income by the weighted average number of shares of all classes of common stock outstanding for each reporting period. Diluted earnings per share reflects the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares of common stock if restricted stock awards were converted into common stock. The company uses the two-class method for calculating basic EPS and the if-converted method for diluted EPS for the six months ended June 30, 2026. This reflects the Series G preferred stock’s status as participating securities until their 1:1 conversion into 4.6 million Class A common shares on March 5, 2026. Under the two-class method, undistributed or overdistributed earnings are allocated to common stock and participating securities according to their respective rights in undistributed or overdistributed earnings, as if all the earnings for the period had been distributed. Basic earnings per common share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders is reduced for preferred stock dividends earned during the period. Preferred stock also receives a proportionate allocation of undistributed or overdistributed earnings for the period because the shares of the Series G preferred stock have a contractual obligation to share in profits and losses of the company. Diluted earnings per share is computed using the if-converted method for the Series G preferred stock which assumes the conversion of all preferred shares into common shares at the beginning of the period. Accordingly, net income attributable to common shareholders is adjusted to add back the dividends and undistributed or overdistributed earnings previously allocated to the preferred stock, and the weighted average number of common shares outstanding is increased by the number of shares that would have been issued upon conversion of the preferred stock as of the beginning of the period plus potentially dilutive common shares. Anti-dilutive stock awards were as follows for the periods presented:


	Quarter Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net Income (in millions)	$	1,041.8	$	1,025.1	$	2,196.1	$	1,981.3
Less: preferred stock dividends	—		(5.7)		—		(11.5)
Add: overdistributed earnings allocated to preferred stock	—		—		4.3		—
Less: undistributed earnings allocated to preferred stock	—		(7.2)		—		(13.4)
Net Income Attributable to Common Shareholders of CME Group - Basic	$	1,041.8	$	1,012.2	$	2,200.4	$	1,956.4
Less: overdistributed earnings allocated to preferred stock	—		—		(4.3)		—
Net Income Attributable to Common Shareholders of CME Group - Diluted	$	1,041.8	$	1,012.2	$	2,196.1	$	1,956.4

Weighted Average Number of Common Shares (in thousands):
Basic	360,684		359,658		360,005		359,636
Effect of restricted stock and performance shares	598		697		632		661
Effect of convertible preferred shares	—		—		1,596		—
Diluted	361,282		360,355		362,233		360,297
Earnings per Common Share Attributable to Common Shareholders of CME Group:
Basic	$	2.89	$	2.81	$	6.11	$	5.44
Diluted	2.88		2.81		6.06		5.43