Lazard, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income (loss) attributable to Lazard | $ | 236,831 | $ | 279,912 | $ | (75,479) | |||||||||||
Adjustment for earnings attributable to participating securities | (5,921) | (6,886) | (4,440) | ||||||||||||||
| Net income (loss) attributable to Lazard - basic | 230,910 | 273,026 | (79,919) | ||||||||||||||
Adjustment for earnings attributable to participating securities | – | 1,233 | – | ||||||||||||||
| Net income (loss) attributable to Lazard - diluted | $ | 230,910 | $ | 274,259 | $ | (79,919) | |||||||||||
Weighted average number of shares of common stock outstanding | 93,650,224 | 89,858,730 | 86,751,822 | ||||||||||||||
Weighted average number of shares of common stock issuable on a non-contingent basis | 3,828,868 | 3,280,622 | 2,242,163 | ||||||||||||||
Weighted average number of shares of common stock outstanding - basic | 97,479,092 | 93,139,352 | 88,993,985 | ||||||||||||||
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a) | 8,858,987 | 9,252,819 | – | ||||||||||||||
Weighted average number of shares of common stock outstanding - diluted | 106,338,079 | 102,392,171 | 88,993,985 | ||||||||||||||
| Net income (loss) attributable to Lazard per share of common stock: | |||||||||||||||||
| Basic | $ | 2.37 | $ | 2.93 | $ | (0.90) | |||||||||||
| Diluted | $ | 2.17 | $ | 2.68 | $ | (0.90) | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 28, 2022 | |
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.