
	Three Months Ended June 30,
	2026		2025

Net income attributable to HLI	$	80,461	$	53,745
Weighted-average shares	41,499,227		41,374,860
Basic EPS of Class A common stock	$	1.94	$	1.30

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI, and, therefore, are not participating shares. As a result, a separate presentation of basic and diluted EPS of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value.


	Three Months Ended June 30,
	2026		2025
Numerator
Net income attributable to Class A common stockholders - basic	$	80,461	$	53,745
Adjustments to net income:
Assumed vesting of employee awards	106		130

Assumed conversion of Class B and Class C units	23,566		15,906
Net income attributable to Class A common stockholders	$	104,133	$	69,781
Denominator
Weighted-average shares of Class A common stock outstanding - basic	41,499,227		41,374,860
Weighted-average effect of dilutive securities:
Assumed vesting of employee awards	243,601		437,895

Assumed conversion of Class B and Class C units	12,280,789		12,659,494
Weighted-average shares of Class A common stock outstanding	54,023,617		54,472,249
Diluted EPS of Class A common stock	$	1.93	$	1.28

The adjustments to net income for dilutive shares are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive shares and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period.

The following table presents the weighted-average shares excluded from diluted EPS that would have been antidilutive or for which the market or performance conditions have not been achieved as of the period reported: