Earnings Per Share

9 Months Ended

Sep. 30, 2025

10. Earnings Per Share

The Company’s unvested RSUs are deemed to be participating securities; therefore, the Company applies the two-class method for the calculation of basic EPS for the Class A shares. Diluted EPS attributable to Class A shares is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

Class B shares are considered potentially dilutive shares of Class A shares because Class B shares are convertible into Class A shares on a one-for-one basis; therefore, the Company applies the if-converted method for the calculation of diluted EPS for the Class A shares.

We determined that the presentation of EPS for the period prior to the IPO would not be meaningful due to the significant nature of the change to our capital structure as part of the IPO. Therefore, EPS information has not been presented for periods prior to the IPO.

The following table sets forth the computation of basic and diluted EPS attributable to our Class A shares for the period from September 18, 2025 to September 30, 2025, which represents the period subsequent to the IPO.


(in thousands, except for share and per share amounts)	Period from September 18, 2025 to September 30, 2025
Numerator
Net income	$	4,756
Less: Net income prior to IPO		7,588
Less: Net loss attributable to noncontrolling interest		(2,165	)
Net loss attributable to WaterBridge Infrastructure LLC	$	(667	)

Denominator
Weighted average Class A shares outstanding, basic and dilutive		43,264,850

Net loss per Class A share, basic and dilutive	$	(0.02	)

For the period from September 18, 2025 through September 30, 2025, 80,190,150 Class B shares were evaluated under the if-converted method and weighted-average RSUs of 122,158 were evaluated under the treasury stock method for potentially dilutive effects. Both were determined to be anti-dilutive for the period presented and have been excluded from the computation of diluted net loss per share.

WaterBridge Infrastructure LLC 10-Q