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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 181,410 |  |  | $ | 172,764 |  |  | $ | 268,414 |  |  | $ | 282,837 |
Less: distributed and undistributed earnings allocated to restricted common stock |  |  | 12,623 |  |  |  | 11,933 |  |  |  | 18,802 |  |  |  | 19,341 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 168,787 |  |  | $ | 160,831 |  |  | $ | 249,612 |  |  | $ | 263,496 |
Weighted-average common shares outstanding - Basic |  |  | 37,512,105 |  |  |  | 36,304,824 |  |  |  | 37,193,827 |  |  |  | 36,249,021 |
Basic earnings per share for Common and Class B common stock |  | $ | 4.50 |  |  | $ | 4.43 |  |  | $ | 6.71 |  |  | $ | 7.27 |
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 154,282 |  |  | $ | 146,511 |  |  | $ | 227,977 |  |  | $ | 239,999 |
Class B common stock |  |  | 14,505 |  |  |  | 14,320 |  |  |  | 21,635 |  |  |  | 23,497 |
|  | $ | 168,787 |  |  | $ | 160,831 |  |  | $ | 249,612 |  |  | $ | 263,496 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 181,410 |  |  | $ | 172,764 |  |  | $ | 268,414 |  |  | $ | 282,837 |
Less: distributed and undistributed earnings allocated to restricted common stock |  |  | 12,608 |  |  |  | 11,916 |  |  |  | 18,788 |  |  |  | 19,322 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 168,802 |  |  | $ | 160,848 |  |  | $ | 249,626 |  |  | $ | 263,515 |
Weighted-average common shares outstanding - Basic |  |  | 37,512,105 |  |  |  | 36,304,824 |  |  |  | 37,193,827 |  |  |  | 36,249,021 |
Effect of dilutive stock options |  |  | 115,532 |  |  |  | 125,113 |  |  |  | 119,766 |  |  |  | 117,216 |
Weighted-average common shares outstanding - Diluted |  |  | 37,627,637 |  |  |  | 36,429,937 |  |  |  | 37,313,593 |  |  |  | 36,366,237 |
Diluted earnings per share for Common and Class B common stock |  | $ | 4.49 |  |  | $ | 4.42 |  |  | $ | 6.69 |  |  | $ | 7.25 |
Anti-dilutive stock options not included above |  |  | 25,421 |  |  |  | 24,328 |  |  |  | 27,455 |  |  |  | 79,271 |
Diluted earnings per share for our Common stock assumes the conversion of all 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, 2024 and 2023, our outstanding Class B common stock was convertible into 3,223,761 and 3,232,419 shares of our Common stock, respectively.

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