NET INCOME (LOSS) PER SHARE OF COMMON STOCK

3 Months Ended

Mar. 31, 2024

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities.

The Company’s basic and diluted net income (loss) per share calculations using the “two-class” method for the three month periods ended March 31, 2024 and 2023 are presented below:


	Three Months Ended March 31,
	2024		2023
Net income (loss) attributable to Lazard	$	35,755	$	(22,172)
Adjustment for earnings attributable to participating securities	(1,279)		(1,125)
Net income (loss) attributable to Lazard - basic	34,476		(23,297)
Adjustment for earnings attributable to participating securities	195		–
Net income (loss) attributable to Lazard - diluted	$	34,671	$	(23,297)
Weighted average number of shares of common stock outstanding	88,547,757		85,734,443
Weighted average number of shares of common stock issuable on a non-contingent basis	2,712,708		1,857,409
Weighted average number of shares of common stock outstanding - basic	91,260,465		87,591,852
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	8,091,304		–
Weighted average number of shares of common stock outstanding - diluted	99,351,769		87,591,852
Net income (loss) attributable to Lazard per share of common stock:
Basic	$	0.38	$	(0.27)
Diluted	$	0.35	$	(0.27)

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(a)The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month period ended March 31, 2024 of 2,167,520 and from RSUs, PRSUs and PIPRs for the three month period ended March 31, 2023 of 6,046,499, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income (loss) per share as the effect would be antidilutive in the respective periods.