13. Earnings per Share

The following table presents the basic earnings per share (“EPS”) for a share of Class A common stock:


	Year Ended March 31,
	2025		2024		2023
Basic net income per share:
Net income attributable to HLI	$	217,417	$	140,858	$	109,120
Impact of changes in carrying amount of redeemable NCI	—		—		3,808
Net income attributable to Class A common stockholders - basic	217,417		140,858		112,928
Denominator
Weighted Average Shares	39,922,212		37,858,177		37,059,654
Basic EPS of Class A common stock	$	5.45	$	3.72	$	3.05

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI, and, therefore, are not participating shares. As a result, a separate presentation of basic and diluted EPS of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock

on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value.

The adjustments to net income for dilutive shares are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive shares and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period.

The following table presents the diluted EPS for a share of Class A common stock:


	Year Ended March 31,
	2025		2024		2023
Numerator
Net income attributable to Class A common stockholders - basic	$	217,417	$	140,858	$	112,928
Adjustments to net income:
Assumed vesting of employee awards	544		90		2
Assumed conversion of Class B and Class C units	—		58,209		48,813
Net income attributable to Class A common stockholders	$	217,961	$	199,157	$	161,743
Denominator
Weighted-average shares of Class A common stock outstanding - basic	39,922,212		37,858,177		37,059,654
Weighted-average effect of dilutive securities:
Assumed vesting of employee awards	385,606		82,742		1,773
Assumed conversion of Class B and Class C units	—		15,961,548		16,637,254
Weighted-average shares of Class A common stock outstanding	40,307,818		53,902,467		53,698,681
Diluted EPS of Class A common stock	$	5.41	$	3.69	$	3.01

The following table presents the weighted-average Performance Awards and Class B and Class C units excluded from diluted EPS that would have been antidilutive or for which the market condition has not been achieved as of the period reported:


	Year Ended March 31,
	2025	2024	2023
Outstanding Class B and C units of HLA	14,016,324	—	—
Performance Awards	774,359	489,150	528,282

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Hamilton Lane INC Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures