| EARNINGS PER SHARE |
The following table presents the calculation of basic and diluted earnings per share for our common stock:
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Quarters Ended
June 30, |
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Six Months Ended
June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Basic Earnings per Share: |
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Net income attributable to Watsco, Inc. shareholders |
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$ |
163,336 |
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$ |
183,613 |
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$ |
242,410 |
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$ |
263,674 |
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Less: distributed and undistributed earnings allocated to restricted common stock |
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10,734 |
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12,166 |
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16,855 |
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17,413 |
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Earnings allocated to Watsco, Inc. shareholders |
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$ |
152,602 |
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$ |
171,447 |
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$ |
225,555 |
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$ |
246,261 |
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Weighted-average common shares outstanding - Basic |
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38,162,359 |
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37,825,623 |
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38,048,185 |
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37,789,116 |
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Basic earnings per share for common stock |
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$ |
4.00 |
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$ |
4.53 |
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$ |
5.93 |
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$ |
6.52 |
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Allocation of earnings for Basic: |
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Common stock |
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$ |
139,048 |
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$ |
156,301 |
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$ |
205,461 |
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$ |
224,485 |
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Class B common stock |
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13,554 |
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15,146 |
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20,094 |
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21,776 |
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$ |
152,602 |
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$ |
171,447 |
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$ |
225,555 |
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$ |
246,261 |
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Diluted Earnings per Share: |
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Net income attributable to Watsco, Inc. shareholders |
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$ |
163,336 |
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$ |
183,613 |
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$ |
242,410 |
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$ |
263,674 |
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Less: distributed and undistributed earnings allocated to restricted common stock |
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10,733 |
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12,159 |
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16,855 |
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17,409 |
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Earnings allocated to Watsco, Inc. shareholders |
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$ |
152,603 |
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$ |
171,454 |
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$ |
225,555 |
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$ |
246,265 |
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Weighted-average common shares outstanding - Basic |
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38,162,359 |
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37,825,623 |
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38,048,185 |
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37,789,116 |
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Effect of dilutive stock options |
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30,333 |
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73,807 |
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31,081 |
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87,354 |
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Weighted-average common shares outstanding - Diluted |
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38,192,692 |
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37,899,430 |
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38,079,266 |
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37,876,470 |
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Diluted earnings per share for common stock |
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$ |
4.00 |
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$ |
4.52 |
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$ |
5.92 |
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$ |
6.50 |
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Anti-dilutive stock options not included above |
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95,301 |
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42,628 |
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80,957 |
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25,060 |
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Diluted earnings per share for our Common stock assumes the conversion of all our Class B common stock into Common stock as of the beginning of the fiscal year; therefore, no allocation of earnings to Class B common stock is required. At June 30, 2026 and 2025, our outstanding Class B common stock was convertible into 3,389,595 and 3,341,536 shares of our Common stock, respectively.
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