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INCOME PER SHARE

6 Months Ended

Jun. 30, 2026

INCOME PER SHARE

INCOME PER SHARE

NOTE 15—INCOME PER SHARE

Income per share is based on the amount of income allocated to the stockholders and the weighted-average number of shares outstanding during the period for each class of common stock. Outstanding options are included in the calculation of diluted weighted-average shares outstanding to the extent they may be dilutive upon exercise and are excluded to the extent they would be antidilutive. Accordingly, outstanding options to purchase 692,074, 999,050, 692,074 and 720,953 shares of Class A common stock, representing 96%, 100%, 96% and 72% of the total outstanding options at period end, for the Current Quarter, Prior Quarter, Current Period and Prior Period, respectively, are excluded from the calculation of diluted weighted-average shares outstanding as their effect is antidilutive. Shares of the Company’s Class B common stock do not share in net income or losses attributable to the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented. Diluted earnings per share was computed using the treasury stock method.

During the Current Quarter, certain holders of SES Holdings LLC Units exchanged 5,063,000 SES Holdings LLC Units (and corresponding shares of Class B common stock) for an equivalent number of shares of Class A common stock. In connection with such exchange, the corresponding shares of Class B common stock were cancelled. The

exchanges were accounted for as equity transactions and resulted in a reclassification within stockholders’ equity with no impact on total stockholders’ equity. The incremental number of shares of Class A common stock are reflected in the Current Quarter and Current Period weighted-average share calculations in the tables below.

The following tables present the Company’s calculation of basic and diluted earnings per share for the Current and Prior Quarter and the Current and Prior Period (dollars in thousands, except share and per share amounts):


		Three months ended June 30, 2026									Three months ended June 30, 2025

		Select Water Solutions, Inc.			Class A			Class B			Select Water Solutions, Inc.			Class A				Class B
Numerator:
Net income		$	22,562								$	11,671
Net income attributable to noncontrolling interests			(1,527)									(1,024)
Net income attributable to Select Water Solutions, Inc. — basic		$	21,035		$	21,035		$	—		$	10,647		$	10,647			$	—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock			22			22			—			9			9				—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units			24			24			—			18			18				—
Net income attributable to Select Water Solutions, Inc. — diluted		$	21,081		$	21,081		$	—		$	10,674		$	10,674			$	—
Denominator:
Weighted-average shares of common stock outstanding — basic						123,146,866			12,733,751						101,527,407				16,221,101
Dilutive effect of restricted stock						1,098,041			—						433,194				—
Dilutive effect of performance share units						1,171,489			—						900,075				—
Dilutive effect of stock options						16,355			—						—				—
Weighted-average shares of common stock outstanding — diluted						125,432,751			12,733,751						102,860,676				16,221,101
Income per share:
Basic					$	0.17		$	—					$	0.10			$	—
Diluted					$	0.17		$	—					$	0.10			$	—


		Six months ended June 30, 2026									Six months ended June 30, 2025

		Select Water Solutions, Inc.			Class A			Class B			Select Water Solutions, Inc.			Class A				Class B
Numerator:
Net income		$	31,994								$	21,231
Net income attributable to noncontrolling interests			(2,353)									(2,345)
Net income attributable to Select Water Solutions, Inc. — basic		$	29,641		$	29,641		$	—		$	18,886		$	18,886			$	—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of restricted stock			39			39			—			29			29				—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of performance units			44			44			—			36			36				—
Add: Reallocation of net income attributable to noncontrolling interests for the dilutive effect of stock options			1			1			—			2			2				—
Net income attributable to Select Water Solutions, Inc. — diluted		$	29,725		$	29,725		$	—		$	18,953		$	18,953			$	—
Denominator:
Weighted-average shares of common stock outstanding — basic						116,682,176			14,467,792						101,161,203				16,221,101
Dilutive effect of restricted stock						1,095,404			—						831,622				—
Dilutive effect of performance share units						1,254,894			—						1,024,541				—
Dilutive effect of stock options						21,908			—						42,933				—
Weighted-average shares of common stock outstanding — diluted						119,054,382			14,467,792						103,060,299				16,221,101
Income per share:
Basic					$	0.25		$	—					$	0.19			$	—
Diluted					$	0.25		$	—					$	0.18			$	—