The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
	Three months ended June 30,
	2026				2025

Numerator:
Net income attributable to Nelnet, Inc.	$	65,433	1,229	66,662	178,170	3,289	181,459
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,373,041		664,468	36,037,509	35,824,313	661,292	36,485,605
Earnings per share - basic and diluted	$	1.85	1.85	1.85	4.97	4.97	4.97

	Six months ended June 30,
	2026				2025

Numerator:
Net income attributable to Nelnet, Inc.	$	135,287	2,501	137,788	259,158	4,860	264,018
Denominator:
Weighted-average common shares outstanding - basic and diluted	35,402,521		654,581	36,057,102	35,810,499	671,536	36,482,035
Earnings per share - basic and diluted	$	3.82	3.82	3.82	7.24	7.24	7.24