Earnings per Common Share

6 Months Ended

Jun. 30, 2022

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Three months ended June 30,
	2022				2021
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	83,485	1,644	85,129	82,479	1,388	83,867
Denominator:
Weighted-average common shares outstanding - basic and diluted	36,981,990		728,224	37,710,214	38,100,092	641,394	38,741,486
Earnings per share - basic and diluted	$	2.26	2.26	2.26	2.16	2.16	2.16
	Six months ended June 30,
	2022				2021
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	266,735	5,041	271,776	204,209	3,256	207,465
Denominator:
Weighted-average common shares outstanding - basic and diluted	37,172,606		702,502	37,875,108	38,065,869	607,033	38,672,902
Earnings per share - basic and diluted	$	7.18	7.18	7.18	5.36	5.36	5.36