Net Income Per Share of Common Stock

12 Months Ended

Dec. 31, 2021

20.	NET INCOME PER SHARE OF COMMON STOCK

The Company issued certain profits interest participation rights, including certain PRPUs, that the Company is required under U.S. GAAP to treat as participating securities and therefore the Company is required to utilize the “two-class” method of computing basic and diluted net income per share.

The Company’s basic and diluted net income per share calculations using the “two-class” method for the years ended December 31, 2021, 2020, and 2019 are presented below:

	Year Ended December 31,
	2021			2020			2019
Net income attributable to Lazard Ltd	$	528,064		$	402,461		$	286,500
Add - adjustment for earnings attributable to participating securities		(8,647	)		(7,667	)		(3,390	)
Net income attributable to Lazard Ltd - basic		519,417			394,794			283,110
Add - adjustment for earnings attributable to participating securities		7,068			6,429			25
Net income attributable to Lazard Ltd - diluted	$	526,485		$	401,223		$	283,135
Weighted average number of shares of common stock outstanding		104,166,347			104,803,849			108,316,241
Add - adjustment for shares of common stock issuable on a non-contingent basis		1,869,461			2,058,890			1,873,621
Weighted average number of shares of common stock outstanding - basic		106,035,808			106,862,739			110,189,862
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation		7,638,891			6,620,641			5,889,944
Weighted average number of shares of common stock outstanding - diluted		113,674,699			113,483,380			116,079,806
Net income attributable to Lazard Ltd per share of common stock:
Basic	$	4.90		$	3.69		$	2.57
Diluted	$	4.63		$	3.54		$	2.44