Earnings Per Share

3 Months Ended

Mar. 31, 2026

Income available to Class A common stockholders is reduced by accretion on the Series A Preferred Stock, which is treated as a deemed dividend. Although the Series A Preferred Stock is not currently redeemable and redemption is not considered probable, the Company elected, as an accounting policy, to accrete the carrying amount from inception to the maximum redemption value using the interest method. Basic earnings per share is calculated by dividing income available to Class A common stockholders by the weighted average number of shares of Class A common stock outstanding during the period. Diluted net (loss) earnings per share gives effect, when applicable, to unvested RSUs and PSUs granted under the Plan and the exchange of INR Units (and the cancellation of an equal number of shares of Class B common stock) held by the Legacy Owners into shares of Class A common stock. The Series A Preferred Stock is not included in diluted earnings per share because conversion is not considered probable, and the effect would be anti‑dilutive for the periods presented.

The following table summarizes the calculation of weighted average shares of Class A common stock outstanding used in the computation of diluted loss per share:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
(in thousands, except per share amounts)
Net loss attributable to Infinity Natural Resources, Inc.	$	(1,871)	$	(34,569)
Less
Accretion of Series A Preferred Stock cumulative undeclared dividends	$	(3,104)	$	—

Net loss available to Class A common stockholders	$	(4,975)	$	(34,569)

Weighted average number of common units outstanding:
Basic	17,662,870		15,237,500
Effect of dilutive securities:
INR Units	—		—
RSUs	—		—
PSUs	—		—
Diluted	17,662,870		15,237,500

Net loss available to Class A common stockholders per share
Basic	$	(0.28)	$	(2.27)
Diluted	$	(0.28)	$	(2.27)

The calculation of diluted net loss per share for the three months ended March 31, 2026 and 2025 excludes (i) the exchange of INR Units (and the cancellation of an equal number of shares of Class B common stock) to Class A common stock, (ii) and unvested RSUs and PSUs, respectively, and (iii) the assumed conversion of the Company’s Series A Preferred Stock, because their inclusion in the calculation would be anti-dilutive.