Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to Ryan Specialty Holdings, Inc. by the weighted-

average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed

giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling interests’ LLC Common

Units that are exchangeable into Class A common stock. As shares of Class B common stock do not share in earnings and

are not participating securities, they are not included in the Company’s calculation. A reconciliation of the numerator and

denominator used in the calculation of basic and diluted earnings per share of Class A common stock is as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Net income	$108,381	$124,705	$148,978	$120,316
Less: Net income attributable to non-controlling interests	66,066	72,729	89,017	95,982
Net income attributable to Ryan Specialty Holdings, Inc.	$42,315	$51,976	$59,961	$24,334
Numerator:
Net income attributable to Class A common shareholders – basic	$42,315	$51,976	$59,961	$24,334
Add: Income attributed to dilutive shares	513	52,392	485	1,077
Net income attributable to Class A common shareholders – diluted	$42,828	$104,368	$60,446	$25,411
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	125,272,674	126,481,643	127,312,923	125,953,583
Add: Dilutive shares	6,052,983	147,663,338	7,009,182	12,212,962
Weighted-average shares of Class A common stock outstanding – diluted	131,325,657	274,144,981	134,322,105	138,166,545
Earnings per share
Earnings per share of Class A common stock – basic	$0.34	$0.41	$0.47	$0.19
Earnings per share of Class A common stock – diluted	$0.33	$0.38	$0.45	$0.18

The following numbers of shares were excluded from the calculation of diluted earnings per share because the effect of

including such potentially dilutive shares would have been antidilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Conversion of non-controlling interest LLC Common Units1	134,190,303	—	134,332,209	135,803,993
Incentive RSUs	3,038,195	—	3,038,195	—
Incentive Options	2,054,925	—	2,054,925	—
Class C Incentive Units	495,822	—	495,822	—

1 Weighted-average units outstanding during the period.