| Summary of Earnings (Loss) Per Share Basic and Diluted |
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:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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Net income |
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$ |
194,480 |
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$ |
163,257 |
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$ |
56,632 |
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Net income attributable to the LLC before the Organizational Transactions |
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— |
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— |
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72,937 |
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Less: Net income (loss) attributable to non-controlling interests |
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133,443 |
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102,205 |
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(9,241 |
) |
Net income (loss) attributable to Ryan Specialty Holdings, Inc. |
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$ |
61,037 |
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$ |
61,052 |
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$ |
(7,064 |
) |
Numerator: |
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Net income (loss) attributable to Class A common shareholders |
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$ |
61,037 |
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$ |
61,052 |
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$ |
(7,064 |
) |
Add (less): Income attributed to substantively vested RSUs |
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(10 |
) |
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806 |
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— |
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Net income (loss) attributable to Class A common shareholders – basic |
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$ |
61,027 |
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$ |
61,858 |
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$ |
(7,064 |
) |
Add: Income attributed to dilutive shares |
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4,185 |
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75,512 |
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— |
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Net income (loss) attributable to Class A common shareholders – diluted |
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$ |
65,212 |
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$ |
137,370 |
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$ |
(7,064 |
) |
Denominator: |
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Weighted-average shares of Class A common stock outstanding – basic |
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114,359,968 |
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108,616,420 |
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105,730,008 |
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Add: Dilutive shares |
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11,385,171 |
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157,134,024 |
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— |
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Weighted-average shares of Class A common stock outstanding – diluted |
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125,745,139 |
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265,750,444 |
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105,730,008 |
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Earnings (loss) per share |
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Earnings (loss) per share of Class A common stock – basic |
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$ |
0.53 |
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$ |
0.57 |
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$ |
(0.07 |
) |
Earnings (loss) per share of Class A common stock – diluted |
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$ |
0.52 |
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$ |
0.52 |
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$ |
(0.07 |
) |
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| Schedule of Number of Shares Excluded from Calculation of Diluted Earnings (Loss) Per Share |
The following 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:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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Conversion of non-controlling interest LLC Common Units1 |
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142,383,621 |
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— |
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142,967,621 |
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Conversion of vested Class C Incentive Units1 |
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76,397 |
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— |
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— |
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Restricted Stock |
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— |
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— |
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3,216,435 |
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IPO RSUs |
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— |
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— |
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4,037,589 |
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Reload Options |
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— |
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— |
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4,592,319 |
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Staking Options |
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— |
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— |
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66,667 |
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Incentive Options |
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— |
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170,392 |
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— |
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Restricted Common Units |
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— |
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— |
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5,743,520 |
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IPO RLUs |
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— |
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— |
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1,543,277 |
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Reload Class C Incentive Units |
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— |
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— |
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3,911,490 |
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Staking Class C Incentive Units |
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— |
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— |
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2,116,667 |
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Class C Incentive Units |
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495,822 |
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300,000 |
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— |
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1 Weighted average units outstanding during the period.
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