Basic net income per share measures the performance of an entity over the reporting period. Diluted net income per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common share equivalents that were outstanding during the period, namely RSUs and PSUs. The Company uses the treasury stock method to determine the potential dilutive effect of outstanding RSUs and PSUs.

The following table reflects the allocation of net income to common stockholders and net income per share computations for the periods indicated based on a weighted average number of Class A Common Stock outstanding:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2026		2025		2026		2025
Basic Net Income Per Share
Numerator:
Net (loss) income attributable to Liberty Energy Inc. stockholders	$	(39,063)	$	43,055	$	26,616	$	134,182
Denominator:
Basic weighted average common shares outstanding	163,191		161,959		162,755		161,921
Basic net (loss) income per share attributable to Liberty Energy Inc. stockholders	$	(0.24)	$	0.27	$	0.16	$	0.83
Diluted Net Income Per Share
Numerator:
Net (loss) income attributable to Liberty Energy Inc. stockholders	$	(39,063)	$	43,055	$	26,616	$	134,182


Denominator:
Basic weighted average common shares outstanding	163,191		161,959		162,755		161,921
Effect of dilutive securities:
Restricted stock units	—		3,107		4,100		3,205

Diluted weighted average common shares outstanding	163,191		165,066		166,855		165,126
Diluted net (loss) income per share attributable to Liberty Energy Inc. stockholders	$	(0.24)	$	0.26	$	0.16	$	0.81

For the three months ended September 30, 2026, the Company reported a net loss. Accordingly, approximately 3.8 million potential common shares related to outstanding restricted stock units and performance stock units were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive.

The table above does not include any potential dilutive impact from conversion of the convertible senior notes as the notes were not convertible during the reporting period. Refer to Note 7—Debt for additional information.