Earnings Per Share

3 Months Ended

Mar. 31, 2024

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share attributable to Corpay for the three months ended March 31, 2024 and 2023 is as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Net income attributable to Corpay	$	229,769	$	214,835
Denominator for basic earnings per share	71,769		73,521
Dilutive securities	1,776		962
Denominator for diluted earnings per share	73,545		74,483
Basic earnings per share attributable to Corpay	$	3.20	$	2.92
Diluted earnings per share attributable to Corpay	$	3.12	$	2.88

Diluted earnings per share attributable to Corpay for the three months ended March 31, 2024 and 2023 excludes the effect of 0.3 million and 2.4 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive. Diluted earnings per share attributable to Corpay also excludes the effect of an immaterial amount of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended March 31, 2024 and 2023.