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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2024
EARNINGS PER SHARE
3.
EARNINGS PER SHARE
The following table presents the calculation of basic and diluted earnings per share for our Common and Class B common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Quarter Ended
June 30,
 
  
Six Months Ended
June 30,
 
 
  
2024
 
  
2023
 
  
2024
 
  
2023
 
Basic Earnings per Share:
  
      
  
      
  
      
  
      
Net income attributable to Watsco, Inc. shareholders
  
$
181,410
 
  
$
172,764
 
  
$
268,414
 
  
$
282,837
 
Less: distributed and undistributed earnings allocated to restricted common stock
  
 
12,623
 
  
 
11,933
 
  
 
18,802
 
  
 
19,341
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Earnings allocated to Watsco, Inc. shareholders
  
$
168,787
 
  
$
160,831
 
  
$
249,612
 
  
$
263,496
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Weighted-average common shares outstanding - Basic
  
 
37,512,105
 
  
 
36,304,824
 
  
 
37,193,827
 
  
 
36,249,021
 
Basic earnings per share for Common and Class B common stock
  
$
4.50
 
  
$
4.43
 
  
$
6.71
 
  
$
7.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Quarter Ended
June 30,
 
  
Six Months Ended
June 30,
 
 
  
2024
 
  
2023
 
  
2024
 
  
2023
 
Allocation of earnings for Basic:
  
      
  
      
  
      
  
      
Common stock
  
$
154,282
 
  
$
146,511
 
  
$
227,977
 
  
$
239,999
 
Class B common stock
  
 
14,505
 
  
 
14,320
 
  
 
21,635
 
  
 
23,497
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
$
168,787
 
  
$
160,831
 
  
$
249,612
 
  
$
263,496
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Diluted Earnings per Share:
  
      
  
      
  
      
  
      
Net income attributable to Watsco, Inc. shareholders
  
$
181,410
 
  
$
172,764
 
  
$
268,414
 
  
$
282,837
 
Less: distributed and undistributed earnings allocated to restricted common stock
  
 
12,608
 
  
 
11,916
 
  
 
18,788
 
  
 
19,322
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Earnings allocated to Watsco, Inc. shareholders
  
$
168,802
 
  
$
160,848
 
  
$
249,626
 
  
$
263,515
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares outstanding - Basic
  
 
37,512,105
 
  
 
36,304,824
 
  
 
37,193,827
 
  
 
36,249,021
 
Effect of dilutive stock options
  
 
115,532
 
  
 
125,113
 
  
 
119,766
 
  
 
117,216
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares outstanding - Diluted
  
 
37,627,637
 
  
 
36,429,937
 
  
 
37,313,593
 
  
 
36,366,237
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Diluted earnings per share for Common and Class B common stock
  
$
4.49
 
  
$
4.42
 
  
$
6.69
 
  
$
7.25
 
Anti-dilutive stock options not included above
  
 
25,421
 
  
 
24,328
 
  
 
27,455
 
  
 
79,271
 
Diluted earnings per share for our Common stock assumes the conversion of
all our Class B common stock into Common stock as of the beginning of the fiscal year; therefore, no allocation of earnings to Class B common stock is required. At June 30, 2024 and 2023, our outstanding Class B common stock was convertible into 3,223,761 and 3,232,419 shares of our Common stock, respectively.