XML 39 R26.htm IDEA: XBRL DOCUMENT v3.23.3
NET INCOME (LOSS) PER SHARE OF COMMON STOCK
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE OF COMMON STOCK NET INCOME (LOSS) PER SHARE OF COMMON STOCK
The Company issued certain profits interest participation rights, including certain PRPUs, that the Company is required under U.S. GAAP to treat as participating securities and therefore the Company is required to utilize the “two-class” method of computing basic and diluted net income per share.
The Company’s basic and diluted net income (loss) per share calculations using the “two-class” method for the three month and nine month periods ended September 30, 2023 and 2022 are presented below:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Net income (loss) attributable to Lazard Ltd$7,139 $105,797 $(139,046)$315,153 
Add - adjustment for earnings attributable to participating securities(1,029)(1,903)(2,917)(4,726)
Net income (loss) attributable to Lazard Ltd - basic6,110 103,894 (141,963)310,427 
Add - adjustment for earnings attributable to participating securities635 2,318 
Net income (loss) attributable to Lazard Ltd - diluted$6,110 $104,529 $(141,963)$312,745 
Weighted average number of shares of common stock outstanding87,067,10491,742,37686,529,83396,585,793
Add - adjustment for shares of common stock issuable on a non-contingent basis2,358,7961,533,2552,052,6351,575,234
Weighted average number of shares of common stock outstanding - basic89,425,90093,275,63188,582,46898,161,027
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)4,883,3245,589,525-5,107,351
Weighted average number of shares of common stock outstanding - diluted94,309,22498,865,15688,582,468103,268,378
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic$0.07 $1.11 $(1.60)$3.16 
Diluted$0.06 $1.06 $(1.60)$3.03 
___________________________________
(a)The aggregate weighted average number of incremental shares of common stock issuable from RSUs, PRSUs and profits interest participation rights for the nine month period ended September 30, 2023 of 4,785,903, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive in the current periods.