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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2024
EARNINGS PER SHARE | 4. EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per share for our common stock:
Years Ended December 31, |  | 2024 |  |  | 2023 |  |  | 2022 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 536,286 |  |  | $ | 536,337 |  |  | $ | 601,167 |
Less: distributed and undistributed earnings allocated to restricted common stock |  |  | 37,392 |  |  |  | 36,966 |  |  |  | 51,365 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 498,894 |  |  | $ | 499,371 |  |  | $ | 549,802 |
Weighted-average common shares outstanding - Basic |  |  | 37,391,461 |  |  |  | 36,406,148 |  |  |  | 35,564,203 |
Basic earnings per share for common stock |  | $ | 13.34 |  |  | $ | 13.72 |  |  | $ | 15.46 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 454,680 |  |  | $ | 455,186 |  |  | $ | 499,792 |
Class B common stock |  |  | 44,214 |  |  |  | 44,185 |  |  |  | 50,010 |
|  | $ | 498,894 |  |  | $ | 499,371 |  |  | $ | 549,802 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 536,286 |  |  | $ | 536,337 |  |  | $ | 601,167 |
Less: distributed and undistributed earnings allocated to restricted common stock |  |  | 37,369 |  |  |  | 36,932 |  |  |  | 51,294 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 498,917 |  |  | $ | 499,405 |  |  | $ | 549,873 |
Weighted-average common shares outstanding - Basic |  |  | 37,391,461 |  |  |  | 36,406,148 |  |  |  | 35,564,203 |
Effect of dilutive stock options |  |  | 118,871 |  |  |  | 125,535 |  |  |  | 119,431 |
Weighted-average common shares outstanding - Diluted |  |  | 37,510,332 |  |  |  | 36,531,683 |  |  |  | 35,683,634 |
Diluted earnings per share for common stock |  | $ | 13.30 |  |  | $ | 13.67 |  |  | $ | 15.41 |
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 December 31, 2024, 2023, and 2022, our outstanding Class B common stock was convertible into 3,313,787, 3,221,259, and 3,234,939 shares of our Common stock, respectively. Diluted earnings per share excluded 30,154, 18,489, and 190,462 shares for the years ended December 31, 2024, 2023, and 2022, respectively, related to stock options with an exercise price per share greater than the average market value, resulting in an anti-dilutive effect on diluted earnings per share.

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