The Company’s unvested RSUs are deemed to be participating securities; therefore, the Company applies the two-class method for the calculation of basic earnings per share (“EPS”) for the Class A shares. Diluted EPS attributable to Class A shares is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

Class B shares are considered potentially dilutive of Class A shares because Class B shares are convertible into Class A shares on a one-for-one basis; therefore, the Company applies the if-converted method for the calculation of diluted EPS for the Class A shares.

The following table sets forth the computation of basic and diluted EPS attributable to our Class A shares for the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except for share and per share amounts)	2026			2025			2026			2025
Numerator
Net income	$	31,049		$	18,475		$	48,917		$	33,934
Less: Net income attributable to noncontrolling interest		18,762			10,973			27,915			19,968
Net income attributable to LandBridge Company LLC		12,287			7,502			21,002			13,966
Less: Earnings allocated to participating securities		231			225			396			428
Basic net income attributable to LandBridge Company LLC	$	12,056		$	7,277		$	20,606		$	13,538
Plus: Net income attributable to noncontrolling interest		18,762			10,973			27,915			19,968
Plus: Undistributed earnings reallocation adjustment to participating securities		(24	)		(6	)		(24	)		(6	)
Diluted net income attributable to shareholders	$	30,794		$	18,244		$	48,497		$	33,500

Denominator
Basic weighted average shares outstanding		27,960,494			24,069,705			27,899,874			23,664,811
Dilutive Class B shares outstanding		49,030,558			52,324,416			49,134,875			52,764,252
Diluted weighted average shares outstanding		76,991,052			76,394,121			77,034,749			76,429,063

Basic net income per share of Class A shares	$	0.43		$	0.30		$	0.74		$	0.57
Diluted net income per share of Class A shares	$	0.40		$	0.24		$	0.63		$	0.44

Class B shares outstanding as of June 30, 2026 and 2025 were determined to be dilutive and have been included in the computation of diluted net income per share. In addition, weighted-average RSUs were evaluated under the treasury stock method for potentially dilutive effects. For the three and six months ended June 30, 2026, weighted-average RSUs of 535,760 and 536,515, respectively, were determined to be anti-dilutive and have been excluded from the computation of diluted net income per share. For the three and six months ended June 30, 2025, weighted-average RSUs of 752,206 and 751,407, respectively, were determined to be anti-dilutive and have been excluded from the computation of diluted net income per share.