Ryan Specialty Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Ryan Specialty Holdings, Inc., 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 potentially dilutive shares, including LLC equity awards and the non-controlling

interests’ LLC Common Units that are exchangeable into Class A common stock. As shares of Class B common stock do

not share in earnings and are not participating securities, they are not included in the Company’s calculation. A

reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings (loss) per share of

Class A common stock is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Net income	$28,643	$15,703	$187,358	$135,977
Less: Net income attributable to non-controlling interests	11,054	20,750	106,447	97,786
Net income (loss) attributable to Ryan Specialty Holdings, Inc.	$17,589	$(5,047)	$80,911	$38,191
Numerator:
Net income (loss) attributable to Class A common shareholders	$17,589	$(5,047)	$80,911	$38,191
Add (less): Income attributed to substantively vested RSUs	369	(100)	(1,339)	687
Net income (loss) attributable to Class A common shareholders – basic	$17,958	$(5,147)	$79,572	$38,878
Add: Income attributed to dilutive shares	7,886	—	79,624	3,128
Net income (loss) attributable to Class A common shareholders – diluted	$25,844	$(5,147)	$159,196	$42,006
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	121,915,952	115,872,327	119,383,234	113,291,850
Add: Dilutive shares	150,770,317	—	151,900,158	11,591,673
Weighted-average shares of Class A common stock outstanding – diluted	272,686,269	115,872,327	271,283,392	124,883,523
Earnings (loss) per share
Earnings (loss) per share of Class A common stock – basic	$0.15	$(0.04)	$0.67	$0.34
Earnings (loss) per share of Class A common stock – diluted	$0.09	$(0.04)	$0.59	$0.34

The following number of shares were excluded from the calculation of diluted earnings (loss) per share because the effect

of including such potentially dilutive shares would have been antidilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Conversion of non-controlling interest LLC Common Units1	—	141,689,681	—	142,974,016
Conversion of vested Class C Incentive Units1	—	98,699	—	65,028
Restricted Stock	—	1,015,761	—	—
IPO RSUs	—	3,229,891	—	—
Incentive RSUs	—	1,776,309	—	—
Reload Options	—	4,548,194	—	—
Staking Options	—	66,667	—	—
Incentive Options	150,000	168,099	150,000	168,099
Restricted Common Units	—	1,239,232	—	—
IPO RLUs	—	1,448,127	—	—
Incentive RLUs	—	482,329	—	—
Reload Class C Incentive Units	—	3,911,490	—	—
Staking Class C Incentive Units	—	1,876,669	—	—
Class C Incentive Units	—	495,822	—	495,822

1Weighted average units outstanding during the period.