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Net Income Per Share Attributable to Evercore Inc. Common Shareholders | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Net Income Per Share Attributable to Evercore Inc. Common Shareholders | Net Income Per Share Attributable to Evercore Inc. Common ShareholdersThe calculations of basic and diluted net income per share attributable to Evercore Inc. common shareholders for the three and nine months ended September 30, 2023 and 2022 are described and presented below.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income attributable to Evercore Inc. common shareholders | $ | 52,148 |  |  | $ | 82,438 |  |  | $ | 172,731 |  |  | $ | 336,081 |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average Class A Shares outstanding, including vested RSUs | 37,823 |  |  | 39,114 |  |  | 38,179 |  |  | 39,375 |  |  |
Basic net income per share attributable to Evercore Inc. common shareholders | $ | 1.38 |  |  | $ | 2.11 |  |  | $ | 4.52 |  |  | $ | 8.54 |  |  |
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income attributable to Evercore Inc. common shareholders | $ | 52,148 |  |  | $ | 82,438 |  |  | $ | 172,731 |  |  | $ | 336,081 |  |  |
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares(1) | — |  |  | — |  |  | — |  |  | — |  |  |
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above(1) | — |  |  | — |  |  | — |  |  | — |  |  |
Diluted net income attributable to Evercore Inc. common shareholders | $ | 52,148 |  |  | $ | 82,438 |  |  | $ | 172,731 |  |  | $ | 336,081 |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average Class A Shares outstanding, including vested RSUs | 37,823 |  |  | 39,114 |  |  | 38,179 |  |  | 39,375 |  |  |
Assumed exchange of LP Units for Class A Shares(1) | — |  |  | — |  |  | — |  |  | — |  |  |
Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method(2) | 2,082 |  |  | 1,279 |  |  | 1,640 |  |  | 1,513 |  |  |
Shares that are contingently issuable(3) | 95 |  |  | 134 |  |  | 88 |  |  | 216 |  |  |
Diluted weighted average Class A Shares outstanding | 40,000 |  |  | 40,527 |  |  | 39,907 |  |  | 41,104 |  |  |
Diluted net income per share attributable to Evercore Inc. common shareholders | $ | 1.30 |  |  | $ | 2.03 |  |  | $ | 4.33 |  |  | $ | 8.18 |  |  |
(1)The Company has outstanding Class A, E, I and K LP Units, which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. During the three and nine months ended September 30, 2023 and 2022, these LP Units were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc. common shareholders. The units that would have been included in the denominator of the computation of diluted net income per share attributable to Evercore Inc. common shareholders if the effect would have been dilutive were 2,790 and 2,787 for the three and nine months ended September 30, 2023, respectively, and 2,650 and 3,078 for the three and nine months ended September 30, 2022, respectively. The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $4,422 and $14,326 for the three and nine months ended September 30, 2023, respectively, and $6,123 and $32,853 for the three and nine months ended September 30, 2022, respectively. In computing this adjustment, the Company assumes that all Class A, E, I and K LP Units are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore Inc. and that the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure in the U.S. at prevailing corporate tax rates. The Company does not anticipate that the Class A, E, I and K LP Units will result in a dilutive computation in future periods. (2)During the three and nine months ended September 30, 2022, certain shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method, were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc. common shareholders. The shares that would have been included in the treasury stock method calculation if the effect would have been dilutive were 3,112 and 2,010 for the three and nine months ended September 30, 2022, respectively. (3)The Company previously had outstanding Class I-P units of Evercore LP ("Class I-P Units") which were contingently exchangeable into Class I LP Units, and ultimately Class A Shares, and has outstanding Class K-P units of Evercore LP ("Class K-P Units") which are contingently exchangeable into Class K LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. On March 1, 2022, all of the Class I-P Units converted to Class I LP Units. See Note 14 for further information. For the purposes of calculating diluted net income per share attributable to Evercore Inc. common shareholders, the Company's Class I-P Units and Class K-P Units are included in diluted weighted average Class A Shares outstanding as of the beginning of the period in which all necessary performance conditions have been satisfied. If all necessary performance conditions have not been satisfied by the end of the period, the number of shares that are included in diluted weighted average Class A Shares outstanding is based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period. The shares of Class B common stock have no right to receive dividends or a distribution on liquidation or winding up of the Company. The shares of Class B common stock do not share in the earnings of the Company and no earnings are allocable to such class. Accordingly, basic and diluted net income per share of Class B common stock have not been presented.

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