The Company reports basic and diluted earnings per share using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period, further adjusted by the redeemable noncontrolling interest redemption value adjustment associated with the Mastercard investment. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method.

The calculation and reconciliation of basic and diluted earnings per share attributable to Corpay for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income attributable to Corpay	$	248,307	$	284,168	$	598,373	$	527,401
Adjustment to redemption value of redeemable noncontrolling interest	(2,838)		—		(5,815)		—
Net income attributable to Corpay shareholders after adjustment to redemption value of redeemable noncontrolling interest	245,469		284,168		592,558		527,401

Denominator for basic earnings per share	65,542		70,546		66,536		70,432
Dilutive securities	783		883		843		1,062
Denominator for diluted earnings per share	66,325		71,429		67,379		71,494
Basic earnings per share attributable to Corpay	$	3.75	$	4.03	$	8.91	$	7.49
Diluted earnings per share attributable to Corpay	$	3.70	$	3.98	$	8.79	$	7.38