The calculations of basic and diluted earnings per common share attributable to holders of shares of common stock are presented below. The determination of weighted average shares of common stock outstanding includes both the Company's Class A common stock and Class B common stock.


	Three Months Ended June 30,
	2026		2025
Numerator:

Net income attributable to Houlihan Lokey, Inc.	$	78	$	98
Denominator:
Weighted average shares of common stock outstanding — basic	66.5		66.2
Weighted average number of incremental shares pertaining to unvested restricted stock and issuable in respect of unvested restricted stock units, as calculated using the treasury stock method	1.1		2.7
Weighted average shares of common stock outstanding — diluted	67.6		68.9

Basic earnings per common share	$	1.17	$	1.47
Diluted earnings per common share	$	1.15	$	1.42