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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2023
EARNINGS PER SHARE | 3. EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per share for our Common and Class B common stock:
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 172,764 |  |  | $ | 192,557 |  |  | $ | 282,837 |  |  | $ | 305,855 |
Less: distributed and undistributed earnings allocated to restricted common stock |  |  | 11,933 |  |  |  | 17,600 |  |  |  | 19,341 |  |  |  | 27,902 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 160,831 |  |  | $ | 174,957 |  |  | $ | 263,496 |  |  | $ | 277,953 |
Weighted-average common shares outstanding—Basic |  |  | 36,304,824 |  |  |  | 35,403,171 |  |  |  | 36,249,021 |  |  |  | 35,376,223 |
Basic earnings per share for Common and Class B common stock |  | $ | 4.43 |  |  | $ | 4.94 |  |  | $ | 7.27 |  |  | $ | 7.86 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 146,511 |  |  | $ | 162,229 |  |  | $ | 239,999 |  |  | $ | 257,716 |
Class B common stock |  |  | 14,320 |  |  |  | 12,728 |  |  |  | 23,497 |  |  |  | 20,237 |
|  | $ | 160,831 |  |  | $ | 174,957 |  |  | $ | 263,496 |  |  | $ | 277,953 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 172,764 |  |  | $ | 192,557 |  |  | $ | 282,837 |  |  | $ | 305,855 |
Less: distributed and undistributed earnings allocated to restricted common stock |  |  | 11,916 |  |  |  | 17,570 |  |  |  | 19,322 |  |  |  | 27,856 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 160,848 |  |  | $ | 174,987 |  |  | $ | 263,515 |  |  | $ | 277,999 |
Weighted-average common shares outstanding—Basic |  |  | 36,304,824 |  |  |  | 35,403,171 |  |  |  | 36,249,021 |  |  |  | 35,376,223 |
Effect of dilutive stock options |  |  | 125,113 |  |  |  | 117,992 |  |  |  | 117,216 |  |  |  | 136,595 |
Weighted-average common shares outstanding—Diluted |  |  | 36,429,937 |  |  |  | 35,521,163 |  |  |  | 36,366,237 |  |  |  | 35,512,818 |
Diluted earnings per share for Common and Class B common stock |  | $ | 4.42 |  |  | $ | 4.93 |  |  | $ | 7.25 |  |  | $ | 7.83 |
Anti-dilutive stock options not included above |  |  | 24,328 |  |  |  | 185,872 |  |  |  | 79,271 |  |  |  | 167,441 |
Diluted earnings per share for our Common stock assumes the conversion of all of our Class B common stock into Common stock as of the beginning of the fiscal year; therefore, no allocation of earnings to Class B common stock is required. At June 30, 2023 and 2022, our outstanding Class B common stock was convertible into 3,232,419 and 2,575,604 shares of our Common stock, respectively.

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