Basic and diluted earnings per share ("EPS") attributable to common stockholders are presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C, and Class D common stock. The rights of the holders of Class A, Class B, Class C, and Class D common stock are identical, except with respect to voting, conversion, and transfer rights.

Basic net (loss) income per share attributable to common stockholders is computed by dividing the net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding during the period.

For the calculation of diluted earnings per share, net (loss) income attributable to common stockholders for EPS is adjusted by the effect of dilutive securities. Diluted net (loss) income per share attributable to common stockholders is computed by dividing the net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding. The undistributed earnings or losses are allocated based on the contractual participation rights of Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share are the same for each class of common stock under the two-class method.

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):


	Years Ended December 31,
	2024		2023
Numerator:
Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders	$	(105,394)	$	2,050
Denominator:
Denominator for basic net (loss) income per share - weighted-average outstanding shares	47,402,869		47,645,678
Effect of dilutive securities:
Stock options and restricted stock	—		2,598,132
Denominator for diluted net (loss) income per share - weighted-average outstanding shares	47,402,869		50,243,810

Net (loss) income to Class A, Class B, Class C and Class D stockholders per share – basic	$	(2.22)	$	0.04
Net (loss) income to Class A, Class B, Class C and Class D stockholders per share – diluted	$	(2.22)	$	0.04

For the year ended December 31, 2024, there were approximately 5.8 million potentially antidilutive securities that were not included in the computation of diluted EPS, because to do so would have been antidilutive for the periods presented. There were no material potentially antidilutive securities excluded from the computation of diluted EPS for the year ended December 31, 2023.

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.

URBAN ONE, INC. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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