Ryan Specialty Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

12 Months Ended

Dec. 31, 2024

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings attributable to Ryan Specialty Holdings, Inc., by the

weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings 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 per share of Class A common stock is as

follows:


	Year Ended December 31,
	2024	2023	2022
Net income	$229,913	$194,480	$163,257
Less: Net income attributable to non-controlling interests	135,248	133,443	102,205
Net income attributable to Ryan Specialty Holdings, Inc.	$94,665	$61,037	$61,052
Numerator:
Net income attributable to Class A common shareholders	$94,665	$61,037	$61,052
Add (less): Income attributed to substantively vested RSUs	—	(10)	806
Net income attributable to Class A common shareholders – basic	$94,665	$61,027	$61,858
Add: Income attributed to dilutive shares	255	4,185	75,512
Net income attributable to Class A common shareholders – diluted	$94,920	$65,212	$137,370
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	120,781,234	114,359,968	108,616,420
Add: Dilutive shares	12,110,253	11,385,171	157,134,024
Weighted-average shares of Class A common stock outstanding – diluted	132,891,487	125,745,139	265,750,444
Earnings per share
Earnings per share of Class A common stock – basic	$0.78	$0.53	$0.57
Earnings per share of Class A common stock – diluted	$0.71	$0.52	$0.52

The following shares were excluded from the calculation of diluted earnings per share because the effect of including such

potentially dilutive shares would have been antidilutive:


	Year Ended December 31,
	2024	2023	2022
Conversion of non-controlling interest LLC Common Units1	138,979,885	142,383,621	—
Conversion of vested Class C Incentive Units1	—	76,397	—
Class C Incentive Units	—	495,822	300,000
Incentive Options	—	—	170,392

1 Weighted average units outstanding during the period.