Net Income (Loss) Per Share Attributable to Class A Common Shareholders (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Calculations of Basic and Diluted Net Income (Loss) Per Share

The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the three and six months ended June 30, 2025 and 2024 are presented below.


		Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except per share amounts)		2025			2024			2025			2024
Numerator:
Net income (loss) attributable to holders of shares of Class A common stock—basic		$	41,538		$	13,161		$	91,806		$	29,727
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units	(a)			(a)			(a)			(a)
Net income (loss) attributable to holders of shares of Class A common stock—diluted		$	41,538		$	13,161		$	91,806		$	29,727
Denominator:
Weighted average shares of Class A common stock outstanding—basic			75,615,922			72,148,948			74,788,620			71,239,595
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units	(a)			(a)			(a)			(a)
Weighted average number of incremental shares issuable from unvested RSUs and stock options, as calculated using the treasury stock method	(b)		3,028,884	(b)		3,639,577	(b)		3,985,361	(b)		4,354,270
Weighted average shares of Class A common stock outstanding—diluted			78,644,806			75,788,525			78,773,981			75,593,865
Net income (loss) per share attributable to holders of shares of Class A common stock
Basic		$	0.55		$	0.18		$	1.23		$	0.42
Diluted		$	0.53		$	0.17		$	1.17		$	0.39

We have not included the impact of Class B common stock because these shares are entitled to an insignificant amount of economic participation.

(a) Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one-for-one basis, subject to applicable exchange restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 85,178,281 shares and 82,088,700 shares for the three months ended June 30, 2025 and 2024, respectively, and 85,216,475 and 81,907,500 shares for the six months ended June 30, 2025 and 2024, respectively. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the three and six months ended June 30, 2025 and 2024, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

(b) Certain RSUs assumed to be issued as Class A common stock pursuant to the treasury stock method were antidilutive and therefore excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company for certain periods. During the three months ended June 30, 2025 and 2024, there were 2,367,135 and 0 RSUs that would have been included in the treasury stock method calculation if the effect were dilutive, respectively, and 1,804,953 and 1,979 RSUs for the six months ended June 30, 2025 and 2024, respectively.

Moelis & Co 10-Q