Earnings (Loss) Per Share (Notes)

12 Months Ended

Dec. 31, 2025

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Baldwin by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is computed giving effect to all potentially dilutive shares of common stock.

The following table sets forth the computation of basic and diluted loss per share:


	For the Years Ended December 31,
(in thousands, except per share data)	2025		2024		2023
Basic and diluted loss per share:
Loss attributable to Baldwin	$	(33,813)	$	(24,518)	$	(90,141)
Shares used for basic and diluted loss per share:
Basic and diluted weighted-average shares of Class A common stock outstanding	67,939		63,455		60,135
Basic and diluted loss per share	$	(0.50)	$	(0.39)	$	(1.50)

Potentially dilutive securities consist of unvested stock awards, including RSAs and PSUs, in addition to shares of Class B common stock, which can be exchanged (together with a corresponding number of LLC Units) for shares of Class A common stock on a one-for-one basis. The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive.


	For the Years Ended December 31,
	2025	2024	2023
Unvested RSAs and PSUs	3,229,248	3,597,954	3,874,639
Shares of Class B common stock	47,736,698	50,895,956	53,132,031

The shares of Class B common stock do not share in the earnings or losses attributable to Baldwin, and therefore, are not participating securities. Accordingly, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.