Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to Ryan Specialty Holdings, Inc. by the weighted-

average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed

giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling interests’ LLC Common

Units that are exchangeable into Class A common stock. As shares of Class B common stock do not share in earnings and

are not participating securities, they are not included in the Company’s calculation. A reconciliation of the numerator and

denominator used in the calculation of basic and diluted earnings per share of Class A common stock is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Net income	$88,048	$62,603	$237,026	$182,919
Less: Net income attributable to non-controlling interests	51,367	31,518	140,384	127,500
Net income attributable to Ryan Specialty Holdings, Inc.	$36,681	$31,085	$96,642	$55,419
Numerator:
Net income attributable to Class A common shareholders – basic	$36,681	$31,085	$96,642	$55,419
Add: Income attributed to dilutive shares	38,042	23,376	962	1,233
Net income attributable to Class A common shareholders – diluted	$74,723	$54,461	$97,604	$56,652
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	121,362,673	127,940,211	125,307,710	126,623,069
Add: Dilutive shares	140,799,214	145,521,423	7,176,888	11,466,811
Weighted-average shares of Class A common stock outstanding – diluted	262,161,887	273,461,634	132,484,598	138,089,880
Earnings per share
Earnings per share of Class A common stock – basic	$0.30	$0.24	$0.77	$0.44
Earnings per share of Class A common stock – diluted	$0.29	$0.20	$0.74	$0.41

The following numbers of shares were excluded from the calculation of diluted earnings per share because the effect of

including such potentially dilutive shares would have been antidilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Conversion of non-controlling interest LLC Common Units1	—	—	133,979,947	135,643,591
Incentive RSUs	782,159	468,126	782,159	—
Incentive Options	522,353	—	522,353	—
Class C Incentive Units	195,822	—	195,822	—

1 Weighted-average units outstanding during the period.