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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

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.