Earnings Per Share

6 Months Ended

Jun. 30, 2025

10. EARNINGS (LOSSES) PER SHARE

Bio-Rad’s issued and outstanding stock consists of Class A Common Stock ("Class A") and Class B Common Stock ("Class B"). Each share of Class A and Class B common stock participates equally in the earnings and losses of Bio-Rad, and each share is identical to the next in all respects except as follows. Class A common stock has limited

voting rights compared to Class B. Each share of Class A is entitled to one tenth of a vote on most matters, whereas each share of Class B is always entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the directors, with Class B stockholders electing the remaining directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares. In contrast, no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder.

We compute net income (loss) per share of Class A and Class B using the two-class method required for participating securities. Our participating securities include Class A and Class B. Each share of Class A and Class B participates equally in earnings and losses, but may not participate equally in dividend distributions. No dividends were distributed or declared during any of the periods presented. Earnings (losses) are attributable equally to each share of Class A and Class B common stock and are determined based on the weighted average number of the respective class of common stock outstanding for the three and six months ended June 30, 2025 and 2024.

Accordingly, basic earnings (losses) per share is computed by dividing net income (loss) attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings (losses) per share takes into account the effect of dilutive instruments, such as stock options, restricted stock and performance stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the diluted earnings (losses) per share calculation if the effect of including such securities would be anti-dilutive.

The weighted average number of common shares outstanding used to calculate basic and diluted earnings (losses) per share, and the anti-dilutive shares that are excluded from the diluted earnings (losses) per share calculation are as follows (in thousands):


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Basic weighted average shares outstanding	27,226	28,395	27,581	28,457
Effect of potentially dilutive stock options, restricted stock and performance stock awards	2	—	8	—
Diluted weighted average common shares outstanding	27,228	28,395	27,589	28,457
Anti-dilutive shares	504	413	274	398