Net Income (Loss) Per Share Attributable to Class A Common Shareholders

Note 13—Net Income (Loss) Per Share Attributable to Class A Common Shareholders

The calculations of basic and diluted net income (loss) per share attributable to Class A common shareholders are presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic	$	5,304	$	2,738	$	6,791	$	20,077
Dilutive effect from assumed exchange of PWP OpCo Units, net of tax	951		989		845		—

Dilutive effect from assumed vesting of PWP Incentive Plan Awards, net of tax	—		265		467		1,178
Net income (loss) attributable to Perella Weinberg Partners – diluted	$	6,255	$	3,992	$	8,103	$	21,255
Denominator:
Weighted average shares of Class A common stock outstanding – basic	74,162,048		63,064,731		72,290,670		62,604,779
Weighted average number of incremental shares from assumed exchange of PWP OpCo Units	21,002,831		25,567,176		21,533,581		—

Weighted average number of incremental shares from assumed vesting of PWP Incentive Plan Awards	6,567,676		10,199,400		8,073,235		11,950,427
Weighted average shares of Class A common stock outstanding – diluted	101,732,555		98,831,307		101,897,486		74,555,206
Net income (loss) per share attributable to Class A common shareholders
Basic	$	0.07	$	0.04	$	0.09	$	0.32
Diluted(1)	$	0.06	$	0.04	$	0.08	$	0.29

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(1)Basic and diluted net income (loss) per share attributable to Class A common shareholders for the three months ended June 30, 2025 are the same due to rounding.

Basic and diluted net income (loss) per share attributable to Class B common shareholders has not been presented as these shares are entitled to an insignificant amount of economic participation.

The Company uses the treasury stock method to determine the potential dilutive effect of unvested PWP Incentive Plan Awards and the if-converted method to determine the potential dilutive effect of exchanges of PWP OpCo Units into Class A common stock. The Company adjusts net income (loss) attributable to Class A common shareholders under both the treasury stock method and if-converted method for the reallocation of net income (loss) between Class A common shareholders and non-controlling interests that result upon the assumed issuance of dilutive shares of Class A common stock as if the issuance occurred as of the beginning of the applicable period.

The following table presents the weighted average potentially dilutive shares that were excluded from the calculation of diluted net income (loss) per share under the treasury stock method or if-converted method, as applicable, because the effect of including such potentially dilutive shares was antidilutive for the period presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
PWP OpCo Units	—	—	—	26,305,163