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EARNINGS PER SHARE
 6 Months Ended
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.