Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Baldwin by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is computed giving effect to all potentially dilutive shares of common stock.

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Basic earnings (loss) per share:
Net income (loss) attributable to Baldwin	$	(38,995)	$	(3,164)	$	(36,654)	$	10,775
Shares used for basic earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	92,761		68,010		93,278		67,045
Basic earnings (loss) per share	$	(0.42)	$	(0.05)	$	(0.39)	$	0.16

Diluted earnings (loss) per share:
Net income (loss) attributable to Baldwin	$	(38,995)	$	(3,164)	$	(36,654)	$	10,775
Shares used for diluted earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	92,761		68,010		93,278		67,045
Dilutive effect of unvested stock awards	—		—		—		3,348
Weighted-average shares of Class A common stock outstanding - diluted	92,761		68,010		93,278		70,393
Diluted earnings (loss) per share	$	(0.42)	$	(0.05)	$	(0.39)	$	0.15

Potentially dilutive securities consist of unvested stock awards, including RSAs and PSUs, in addition to shares of Class B common stock, which can be exchanged (together with a corresponding number of LLC Units) for shares of Class A common stock on a one-for-one basis. The following potentially dilutive securities were excluded from the Company’s diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive.


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Unvested RSAs and PSUs	4,188,835	3,435,770	3,614,054	—
Shares of Class B common stock	44,373,223	47,717,482	45,163,810	48,377,222

The shares of Class B common stock do not share in the earnings or losses attributable to Baldwin, and therefore, are not participating securities. Accordingly, a separate presentation of basic and diluted earnings (loss) per share of Class B common stock under the two-class method has not been included.