LandBridge Co LLC Earnings Per Share Disclosure
11. 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 they 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 Corporate Reorganization on our capital structure. 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 year ended December 31, 2025 and the period July 1, 2024 to December 31, 2024, which represents the period subsequent to the IPO.
(in thousands, except for share and per share amounts) |
|
Year Ended December 31, |
|
|
Period of July 1 - December 31, 2024 |
|
||
Numerator |
|
|
|
|
|
|
||
Net income |
|
$ |
72,399 |
|
|
$ |
5,398 |
|
Less: Net income attributable to noncontrolling interest |
|
|
42,271 |
|
|
|
288 |
|
Net income attributable to LandBridge Company LLC |
|
|
30,128 |
|
|
|
5,110 |
|
Less: Earnings allocated to participating securities |
|
|
753 |
|
|
|
198 |
|
Basic net income attributable to LandBridge Company LLC |
|
$ |
29,375 |
|
|
$ |
4,912 |
|
Plus: Net income attributable to noncontrolling interest |
|
|
42,271 |
|
|
|
288 |
|
Plus: Undistributed earnings reallocation adjustment to participating securities |
|
|
(18 |
) |
|
|
90 |
|
Diluted net income attributable to shareholders |
|
$ |
71,628 |
|
|
$ |
5,290 |
|
|
|
|
|
|
|
|
||
Denominator |
|
|
|
|
|
|
||
Basic weighted average shares outstanding |
|
|
24,815,703 |
|
|
|
17,807,323 |
|
Dilutive Class B shares outstanding |
|
|
51,726,532 |
|
|
|
55,562,750 |
|
Diluted weighted average shares outstanding |
|
|
76,542,235 |
|
|
|
73,370,073 |
|
|
|
|
|
|
|
|
||
Basic net income per share of Class A shares |
|
$ |
1.18 |
|
|
$ |
0.28 |
|
Diluted net income per share of Class A shares |
|
$ |
0.94 |
|
|
$ |
0.07 |
|
Class B shares outstanding as of December 31, 2025 were determined to be dilutive and have been included in the computation of diluted net income per share. In addition, weighted-average RSUs of 636,229 were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive for the year ended December 31, 2025 and have been excluded from the computation of diluted net income per share.
Class B shares outstanding as of December 31, 2024 were determined to be dilutive and have been included in the computation of diluted net income per share. In addition, weighted-average RSUs of 693,123 were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive for the year ended December 31, 2024 and have been excluded from the computation of diluted net income per share.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
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.