The Company’s unvested RSUs are deemed to be participating securities; therefore, the Company applies the two-class method for the calculation of basic earnings per share (“EPS”) for the Class A shares. Diluted EPS attributable to Class A shares is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

Class B shares are considered potentially dilutive of Class A shares because Class B shares are convertible into Class A shares on a one-for-one basis; therefore, the Company applies the if-converted method for the calculation of diluted EPS for the Class A shares.

The following table sets forth the computation of basic and diluted EPS attributable to our Class A shares for the three and nine months ended September 30, 2026 and 2025.


	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except for share and per share amounts)	2026		2025			2026			2025
Numerator
Net income	$	34,048	$	20,291		$	82,965		$	54,225
Less: Net income attributable to noncontrolling interest		21,090		12,184			49,005			32,153
Net income attributable to LandBridge Company LLC		12,958		8,107			33,960			22,072
Less: Earnings allocated to participating securities		174		163			570			596
Basic net income attributable to LandBridge Company LLC	$	12,784	$	7,944		$	33,390		$	21,476
Plus: Net income attributable to noncontrolling interest		-		12,184			49,005			32,153
Plus: Undistributed earnings reallocation adjustment to participating securities		-		(8	)		(57	)		(15	)
Diluted net income attributable to shareholders	$	12,784	$	20,120		$	82,338		$	53,614

Denominator
Basic weighted average shares outstanding		29,149,839		25,335,054			28,321,108			24,227,677
Dilutive Class B shares outstanding		-		51,183,495			48,723,820			52,231,542
Diluted weighted average shares outstanding		29,149,839		76,518,549			77,044,928			76,459,219

Basic net income per share of Class A shares	$	0.44	$	0.31		$	1.18		$	0.89
Diluted net income per share of Class A shares	$	0.44	$	0.26		$	1.07		$	0.70

Weighted-average Class B shares were evaluated under the if-converted method for potentially dilutive effects. For the three months ended September 30, 2026, weighted-average Class B shares of 47,915,113 were determined to be anti-dilutive and have been excluded from the computation of diluted net income per share. For the nine months ended September 30, 2026, and for the three and nine months ended September 30, 2025, Class B shares were determined to be dilutive and have been included in the computation of diluted net income per share. In addition, weighted-average RSUs were evaluated under the treasury stock method for potentially dilutive effects.

For the three and nine months ended September 30, 2026, weighted-average RSUs of 366,864 and 479,343, respectively, were determined to be anti-dilutive and have been excluded from the computation of diluted net income per share. For the three and nine months ended September 30, 2025, weighted-average RSUs of 507,889 and 669,343, respectively, were determined to be anti-dilutive and have been excluded from the computation of diluted net income per share.