EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

We calculate basic earnings per share (EPS) by dividing net income attributable to Lithia Motors, Inc. by the weighted average number of common shares outstanding for the period, including vested RSU awards. Diluted EPS is calculated by dividing net income attributable to Lithia Motors, Inc. by the weighted average number of shares outstanding, adjusted for the dilutive effect of unvested RSU awards and employee stock purchases.

The following is a reconciliation of net income attributable to Lithia Motors, Inc. and weighted average shares used for our basic EPS and diluted EPS:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net income attributable to Lithia Motors, Inc. and applicable to common stockholders	$	214.2	$	297.2	$	376.7	$	525.9

Weighted average common shares outstanding – basic	27.2		27.5		27.4		27.5
Effect of employee stock purchases and restricted stock units on weighted average common shares outstanding	—		0.1		—		0.1
Weighted average common shares outstanding – diluted	27.2		27.6		27.4		27.6

Basic earnings per share attributable to Lithia Motors, Inc.	$	7.88	$	10.79	$	13.77	$	19.11
Diluted earnings per share attributable to Lithia Motors, Inc.	$	7.87	$	10.78	$	13.75	$	19.08

The effect of antidilutive securities on common stock was evaluated for the three and six-month periods ended June 30, 2024 and 2023 and was determined to be immaterial.