Net Income Attributable to Shareholders of Crawford & Company per Common Share

6 Months Ended

Jun. 30, 2026

Net Income Attributable to Shareholders of Crawford & Company per Common Share

8. Net Income Attributable to Shareholders of Crawford & Company per Common Share

The Company computes earnings per share of its non-voting Class A Common Stock ("CRD-A") and voting Class B Common Stock ("CRD-B") using the two-class method, which allocates the undistributed earnings in each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on the CRD-A shares than on the CRD-B shares, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same earnings per share for CRD-A and CRD-B. During 2026 and 2025, the Board of Directors has declared the same dividend on CRD-A and CRD-B.

The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:


	Three Months Ended								Six Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
(in thousands, except per share amounts)	CRD-A		CRD-B		CRD-A		CRD-B		CRD-A		CRD-B		CRD-A		CRD-B
Earnings per share - basic:
Numerator:
Allocation of undistributed earnings	$	5,985	$	3,815	$	2,647	$	1,673	$	6,742	$	4,300	$	4,623	$	2,926
Dividends paid		2,228		1,420		2,122		1,340		4,466		2,845		4,237		2,680
Net income attributable to common shareholders, basic	$	8,213	$	5,235	$	4,769	$	3,013	$	11,208	$	7,145	$	8,860	$	5,606

Denominator:
Weighted-average common shares outstanding, basic		29,712		18,935		30,304		19,145		29,735		18,963		30,240		19,145
Earnings per share - basic	$	0.28	$	0.28	$	0.16	$	0.16	$	0.38	$	0.38	$	0.29	$	0.29

The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:


	Three Months Ended								Six Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
(in thousands, except per share amounts)	CRD-A		CRD-B		CRD-A		CRD-B		CRD-A		CRD-B		CRD-A		CRD-B
Earnings per share - diluted:
Numerator:
Allocation of undistributed earnings	$	6,012	$	3,788	$	2,663	$	1,657	$	6,785	$	4,257	$	4,652	$	2,897
Dividends paid		2,228		1,420		2,122		1,340		4,466		2,845		4,237		2,680
Net income attributable to common shareholders, diluted	$	8,240	$	5,208	$	4,785	$	2,997	$	11,251	$	7,102	$	8,889	$	5,577

Denominator:
Weighted-average common shares outstanding, basic		29,712		18,935		30,304		19,145		29,735		18,963		30,240		19,145
Weighted-average effect of dilutive securities		335		—		478		—		494		—		504		—
Weighted-average common shares outstanding, diluted		30,047		18,935		30,782		19,145		30,229		18,963		30,744		19,145
Earnings per share - diluted	$	0.27	$	0.28	$	0.16	$	0.16	$	0.37	$	0.37	$	0.29	$	0.29

Listed below are the shares excluded from the denominator in the preceding computation of diluted earnings per share for CRD-A:


	Three Months Ended		Six Months Ended
(in thousands)	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Performance stock grants excluded because performance conditions have not been met (1)	234	799	235	803

(1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating diluted earnings per share until the performance measurements have been achieved.

The following table details shares issued during the three and six months ended June 30, 2026 and 2025, including restricted shares that were returned prior to vesting. These shares are included from their dates of issuance in the weighted-average common shares used to compute basic and diluted earnings per share for CRD-A in the table above. There were no shares of CRD-B issued during any of these periods.


	Three Months Ended						Six Months Ended
(in thousands)	June 30, 2026			June 30, 2025			June 30, 2026		June 30, 2025
CRD-A (returned) issued under the Non-Employee Director Stock Plan		(11	)		(4	)		89		86
CRD-A issued under the U.K. Sharesave Scheme		179			102			179		106
CRD-A issued under the Employee Stock Purchase Plan		—			—			6		—
CRD-A issued under the 2016 Omnibus Stock and Incentive Plan		—			—			243		—

On November 4, 2021, the Company’s Board of Directors (the "Board") authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the “2021 Repurchase Authorization”). On February 10, 2022, the Board approved an increase of 5,000,000 additional shares under the 2021 Repurchase Authorization and on October 30, 2025 they further increased the authorization by 2,000,000 shares and extended the repurchase period through December 31, 2027.

Repurchases may be made from time to time in the open market or through privately negotiated transactions at prices and times determined by management, subject to applicable regulatory guidelines. The authorization does not obligate the Company to repurchase any shares and the Company may suspend or discontinue repurchase activities at any time.

On June 30, 2026, the Company had 1,260,373 shares available for repurchase under the 2021 Repurchase Authorization.

During the six months ended June 30, 2026, the Company repurchased 763,577 shares of CRD-A at an average cost of $10.52 per share and 97,940 shares of CRD-B at an average cost of $10.24 per share under the 2021 Repurchase Authorization. During the six months ended June 30, 2025, the Company did not repurchase any shares of CRD-A or CRD-B.