Perella Weinberg PartnersPWP

Perella Weinberg Partners Earnings Per Share Disclosure

10-KFiled Feb 27, 20262 min read
Note 14—Net Income (Loss) Per Share Attributable to Class A Common Shareholders
The calculations of basic and diluted net income (loss) per share attributable to Class A common shareholders are presented below:
Year Ended December 31,
202520242023
Numerator:
Net income (loss) attributable to Perella Weinberg Partners – basic$35,477 $(64,728)$(17,223)
Dilutive effect from assumed exchange of PWP OpCo Units, net of tax9,936 — (97,775)
Dilutive effect from assumed vesting of PWP Incentive Plan Awards, net of tax
1,738 — — 
Net income (loss) attributable to Perella Weinberg Partners – diluted$47,151 $(64,728)$(114,998)
Denominator:
Weighted average shares of Class A common stock outstanding – basic64,208,733 53,187,995 43,273,939 
Weighted average number of incremental shares from assumed exchange of PWP OpCo Units24,966,231 — 43,505,113 
Weighted average number of incremental shares from assumed vesting of PWP Incentive Plan Awards
11,673,973 — — 
Weighted average shares of Class A common stock outstanding – diluted100,848,937 53,187,995 86,779,052 
Net income (loss) per share attributable to Class A common shareholders
Basic$0.55 $(1.22)$(0.40)
Diluted$0.47 $(1.22)$(1.33)
Basic and diluted net income (loss) per share attributable to Class B common shareholders has not been presented as these shares are entitled to an insignificant amount of economic participation.
The Company uses the treasury stock method to determine the potential dilutive effect of unvested PWP Incentive Plan Awards and the if-converted method to determine the potential dilutive effect of exchanges of PWP OpCo Units into Class A common stock. The Company adjusts net income (loss) attributable to Class A common shareholders under both the treasury stock method and if-converted method for the reallocation of net income (loss) between Class A common shareholders and non-controlling interests that result upon the assumed issuance of dilutive shares of Class A common stock as if the issuance occurred as of the beginning of the applicable period.
The following table presents the weighted average potentially dilutive shares that were excluded from the calculation of diluted net income (loss) per share under the treasury stock method or if-converted method, as applicable, because the effect of including such potentially dilutive shares was antidilutive for the period presented:
Year Ended December 31,
202520242023
PWP OpCo Units— 34,588,419 — 
PWP Incentive Plan Awards— 10,941,161 2,186,189 
Total— 45,529,580 2,186,189 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 27, 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.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance