NEW YORK TIMES CO

12. Earnings Per Share

We compute earnings per share based upon the treasury stock method. Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise or vesting of outstanding securities. Our stock-settled long-term performance awards, restricted stock units and ESPP could impact the diluted shares. The difference between basic and diluted shares was approximately 1.8 million,1.4 million and 0.9 million as of December 31, 2025, December 31, 2024, and December 31, 2023, respectively. In 2025, 2024 and 2023, dilution resulted primarily from the dilutive effect of our stock-based awards.

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock because their inclusion would result in an anti-dilutive effect on per share amounts.

There wereno anti-dilutive stock-settled long-term performance awards, restricted stock units and ESPP excluded from the computation of diluted earnings per share for the years ended 2025, 2024 and 2023.