Earnings Per Share

The basic and diluted earnings per share for the three and nine months ended September 30, 2026 and 2025 were as follows (amounts in thousands, except for share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income	$	28,672	$	14,846	$	84,178	$	54,887
Less: Net income attributable to non-controlling interests	16,838		8,791		51,728		26,825
Net income attributable to Rush Street Interactive, Inc. – basic	$	11,834	$	6,055	$	32,450	$	28,062

Effect of dilutive securities:
Increase to net income attributable to non-controlling interests	—		8,791		—		26,825
Net income attributable to Rush Street Interactive, Inc. – diluted	$	11,834	$	14,846	$	32,450	$	54,887

Denominator:
Weighted-average common shares outstanding – basic	115,708,955		96,223,133		109,657,744		95,051,128

Adjustments:
Incremental shares from assumed conversion of stock options and restricted stock units	5,138,107		7,869,982		4,700,938		6,700,806
Conversion of Weighted Average RSILP units to Class A Common Shares	—		132,280,716		—		133,206,990
Weighted-average common shares outstanding – diluted	120,847,062		236,373,831		114,358,682		234,958,924

Earnings per Class A Common Share - basic	$	0.10	$	0.06	$	0.30	$	0.30
Earnings per Class A Common Share - diluted	$	0.10	$	0.06	$	0.28	$	0.23

The Company’s Class V Common Stock does not participate in the Company’s earnings or losses and is therefore not a participating security. As such, separate presentation of basic and diluted earnings per share of Class V Common Stock under the two-class method has not been presented.

The Company excluded the following securities from its computation of diluted shares outstanding for the three and nine months ended September 30, 2026 and 2025 as their effect would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
RSILP Units(1)	115,990,399	—	122,035,568	—
Unvested RSUs	343,827	—	520,614	441,218
Outstanding Stock Options	—	—	—	15,605

______________________________

(1)RSILP Units that are held by non-controlling interest holders and may be exchanged, subject to certain restrictions, for Class A Common Stock. Upon exchange of an RSILP Unit, a share of Class V Common Stock is canceled.