Ryan Specialty Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

6 Months Ended

Jun. 30, 2025

Basic earnings per share is computed by dividing net income 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:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net income	$124,705	$118,038	$120,316	$158,715
Less: Net income attributable to non-controlling interests	72,729	71,251	95,982	95,393
Net income attributable to Ryan Specialty Holdings, Inc.	$51,976	$46,787	$24,334	$63,322
Numerator:
Net income attributable to Class A common shareholders	$51,976	$46,787	$24,334	$63,322
Less: Income attributed to substantively vested RSUs	—	(1,556)	—	(2,138)
Net income attributable to Class A common shareholders – basic	$51,976	$45,231	$24,334	$61,184
Add: Income attributed to dilutive shares	52,392	53,791	1,077	72,056
Net income attributable to Class A common shareholders – diluted	$104,368	$99,022	$25,411	$133,240
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	126,481,643	118,394,113	125,953,583	118,102,959
Add: Dilutive shares	147,663,338	152,824,436	12,212,962	152,467,499
Weighted-average shares of Class A common stock outstanding – diluted	274,144,981	271,218,549	138,166,545	270,570,458
Earnings per share
Earnings per share of Class A common stock – basic	$0.41	$0.38	$0.19	$0.52
Earnings per share of Class A common stock – diluted	$0.38	$0.37	$0.18	$0.49

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

including such potentially dilutive shares would have been antidilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Conversion of non-controlling interest LLC Common Units1	—	—	135,803,993	—
Incentive Options	—	150,000	—	150,000
Class C Incentive Units	—	195,822	—	195,822

1Weighted average units outstanding during the period.