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Earnings Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to Ryan Specialty Holdings, Inc., by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling interests’ LLC Common Units that are exchangeable into Class A common stock. As shares of Class B common stock do not share in earnings and are not participating securities, they are not included in the Company’s calculation. A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share of Class A common stock is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Net income | $124,705 |  | $118,038 |  | $120,316 |  | $158,715 |
Less: Net income attributable to non-controlling interests | 72,729 |  | 71,251 |  | 95,982 |  | 95,393 |
Net income attributable to Ryan Specialty Holdings, Inc. | $51,976 |  | $46,787 |  | $24,334 |  | $63,322 |
Numerator: |  |  |  |  |  |  |  |
Net income attributable to Class A common shareholders | $51,976 |  | $46,787 |  | $24,334 |  | $63,322 |
Less: Income attributed to substantively vested RSUs | — |  | (1,556) |  | — |  | (2,138) |
Net income attributable to Class A common shareholders – basic | $51,976 |  | $45,231 |  | $24,334 |  | $61,184 |
Add: Income attributed to dilutive shares | 52,392 |  | 53,791 |  | 1,077 |  | 72,056 |
Net income attributable to Class A common shareholders – diluted | $104,368 |  | $99,022 |  | $25,411 |  | $133,240 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares of Class A common stock outstanding – basic | 126,481,643 |  | 118,394,113 |  | 125,953,583 |  | 118,102,959 |
Add: Dilutive shares | 147,663,338 |  | 152,824,436 |  | 12,212,962 |  | 152,467,499 |
Weighted-average shares of Class A common stock outstanding – diluted | 274,144,981 |  | 271,218,549 |  | 138,166,545 |  | 270,570,458 |
Earnings per share |  |  |  |  |  |  |  |
Earnings per share of Class A common stock – basic | $0.41 |  | $0.38 |  | $0.19 |  | $0.52 |
Earnings per share of Class A common stock – diluted | $0.38 |  | $0.37 |  | $0.18 |  | $0.49 |
The following number of shares were excluded from the calculation of diluted earnings per share because the effect of including such potentially dilutive shares would have been antidilutive:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Conversion of non-controlling interest LLC Common Units 1 | — |  | — |  | 135,803,993 |  | — |
Incentive Options | — |  | 150,000 |  | — |  | 150,000 |
Class C Incentive Units | — |  | 195,822 |  | — |  | 195,822 |
1 Weighted average units outstanding during the period.

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