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Net Income Per Share Attributable to Bentley Systems Stockholders | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income Per Share Attributable to Bentley Systems Stockholders | Net Income Per Share Attributable to Bentley Systems Stockholders To compute the numerator of basic net income per share attributable to Bentley Systems stockholders, u ndistributed net income attributable to Bentley Systems allocated to participating securities (described further below) using the required two‑class method, is subtracted from net income attributable to Bentley Systems. The denominator of basic net income per share attributable to Bentley Systems stockholders is the weighted average number of shares, inclusive of undistributed shares held in the DCP as phantom shares of the Company’s Class B common stock. The Company issues certain performance-based RSUs determined to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of the Company’s declaration of a dividend for common shares. As of December 31, 2024, 2023, and 2022, there were 349,306, 365,641, and 362,773 participating securities outstanding, respectively. To compute the numerator of diluted net income per share attributable to Bentley Systems stockholders, interest expense, net of tax, attributable to the assumed conversion of the convertible senior notes using the if‑converted method is added back to basic net income attributable to Bentley Systems. To compute the denominator of diluted net income per share attributable to Bentley Systems stockholders, the basic weighted average number of shares is adjusted for the effect of dilutive securities, including awards under the Company’s equity compensation plans and ESPP using the treasury stock method, and for the dilutive effect of the assumed conversion of the convertible senior notes using the if‑converted. Except with respect to voting and conversion, the rights of the holders of the Company’s Class A and Class B common stock are identical. Each class of shares has the same rights to dividends and allocation of income (loss) and, therefore, net income per share attributable to Bentley Systems stockholders would not differ under the two‑class method. The details of basic and diluted net income per share attributable to Bentley Systems stockholders are as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |
Net income attributable to Bentley Systems |  | $ | 234,787 |  |  | $ | 326,787 |  |  | $ | 174,780 |
Less: Net income attributable to Bentley Systems allocated to participating securities |  | (84) |  |  | (74) |  |  | (42) |
Basic net income attributable to Bentley Systems stockholders |  | 234,703 |  |  | 326,713 |  |  | 174,738 |
Add: Interest expense, net of tax, attributable to assumed conversion of convertible senior notes |  | 6,880 |  |  | 6,874 |  |  | 6,810 |
Diluted net income attributable to Bentley Systems stockholders |  | $ | 241,583 |  |  | $ | 333,587 |  |  | $ | 181,548 |
Denominator: |  |  |  |  |  |
Basic weighted average shares |  | 314,886,615 |  |  | 312,358,823 |  |  | 309,226,677 |
Dilutive effect of stock options, restricted stock, and RSUs |  | 1,185,014 |  |  | 2,435,456 |  |  | 4,705,172 |
Dilutive effect of ESPP |  | 68,752 |  |  | 75,568 |  |  | 166,606 |
Dilutive effect of assumed conversion of convertible senior notes |  | 17,633,786 |  |  | 17,633,786 |  |  | 17,666,703 |
Diluted weighted average shares |  | 333,774,167 |  |  | 332,503,633 |  |  | 331,765,158 |
Net income per share attributable to Bentley Systems stockholders: |  |  |  |  |  |
Basic |  | $ | 0.75 |  |  | $ | 1.05 |  |  | $ | 0.57 |
Diluted |  | $ | 0.72 |  |  | $ | 1.00 |  |  | $ | 0.55 |
There were no anti‑dilutive securities for the years ended December 31, 2024 or 2023. For the year ended December 31, 2022, 718,105 RSUs were excluded from the calculation of diluted net income per share attributable to Bentley Systems stockholders as including them would have an anti‑dilutive effect.

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