The following table presents computations of basic and diluted earnings per share for Holdings:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Numerator:
Net income attributable to Cinemark Holdings, Inc.	$	93.5		$	45.8		$	54.6		$	70.6
Income allocated to participating share-based awards (1)		(1.2	)		(0.9	)		(0.6	)		(1.2	)
Basic net income attributable to common stockholders	$	92.3		$	44.9		$	54.0		$	69.4
Add: Interest expense on convertible notes, net of tax		1.8			4.7			5.4			9.4
Diluted net income attributable to common stockholders	$	94.1		$	49.6		$	59.4		$	78.8

Denominator:
Basic weighted average shares outstanding		113.5			119.9			116.4			119.7
Common equivalent shares for performance stock units		1.8			1.5			2.0			1.6
Common equivalent shares for restricted stock units		—			—			0.1			—
Common equivalent shares for convertible notes (2)		25.0			32.0			28.6			32.0
Common equivalent shares for warrants (3)		8.8			—			7.9			—
Diluted weighted average shares outstanding		149.1			153.4			155.0			153.3

Basic earnings per share attributable to common stockholders	$	0.81		$	0.37		$	0.46		$	0.58
Diluted earnings per share attributable to common stockholders	$	0.63		$	0.32		$	0.38		$	0.51

(1)

For the three months ended June 30, 2025 and 2024, a weighted average of approximately 1.48 shares and 2.34 shares of restricted stock, respectively, were considered participating securities. For the six months ended June 30, 2025 and 2024, a weighted average of approximately 1.34 shares and 2.09 shares of restricted stock, respectively, were considered participating securities.

(2)

For all periods presented, the diluted earnings per share excludes the convertible note hedge transactions, as they would be anti-dilutive.

(3)

For the three and six months ended June 30, 2024, diluted earnings per share excludes the warrants, as they would be anti-dilutive since the strike price exceeded the average price of Holdings’ common stock during the relevant periods.

Holdings considers its unvested restricted stock awards, which contain non-forfeitable rights to dividends, participating securities and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. For the three and six months ended June 30, 2025 and 2024, diluted earnings per share using the treasury stock method was less dilutive than the two-class method; as such, only the two-class method has been included above.

The 4.50% Convertible Senior Notes, discussed further in Note 13 of the Company’s Annual Report on Form 10-K filed February 19, 2025, are dilutive in periods in which Holdings has net income. The impact of such dilution on earnings per share is calculated under the if-converted method, which requires that all of the shares of Holdings’ common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted earnings per share assuming conversion at the beginning of the reporting period. The if-converted value of the 4.50% Convertible Senior Notes is based on the weighted average closing price of Holdings’ common stock for the relevant reporting period. For the three and six months ended June 30, 2025, diluted earnings per share includes the if-converted number of shares related to the convertible notes through May 15, 2025, the date the Company provided irrevocable notice to the holders of the 4.50% Convertible Senior Notes of its election to settle the $460.0 principal amount of the 4.50% Convertible Senior Notes in cash and any amounts above the $460.0 principal amount in shares. After May 15, 2025 the diluted earnings per share calculation reflects an estimated number of shares to be issued for the amount owed above the $460.0 principal amount outstanding based on a volume-weighted average share price for the period from May 15, 2025 through June 30, 2025.

Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings’ common stock underlying the 4.50% Convertible Notes, which gives Holdings the option to purchase approximately 32.0 shares of its common stock at a price of $14.35 per share, which was adjusted to approximately 32.2 shares of its common stock at a price of $14.27 per share as a result of the dividends paid to stockholders on March 19, 2025 and June 12, 2025. This adjustment was implemented effective June 17, 2025, which was the first day of the observation period for settlements of conversion of the 4.50% Convertible Senior Notes at maturity. Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions with each option counterparty whereby Holdings sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings' common stock, which gives the option counterparties the option to purchase approximately 32.0 shares at a price of $22.08 per share, adjusted to approximately 32.2 shares at a price of $21.95 per share as a result of the dividends paid to stockholders on March 19, 2025 and June 12, 2025. The economic effect of these transactions is to effectively raise the strike price of the 4.50% Convertible Senior Notes to approximately $21.95 per share of Holdings’ common stock. The warrants expire 1/80th per trading day between November 15, 2025 and March 12, 2026.