LandBridge Co LLC
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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Sep 30, 2025 · Filed Nov 12, 2025
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9. Earnings Per Share
Earnings Per Share
The Company’s unvested RSUs are deemed to be participating securities; therefore, the Company applies the two-class method for the calculation of basic EPS for the Class A shares. Diluted EPS attributable to Class A shares is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.
Class B shares are considered potentially dilutive shares of Class A shares because Class B shares are convertible into Class A shares on a one-for-one basis; therefore, the Company applies the if-converted method for the calculation of diluted EPS for the Class A shares.
We determined that the presentation of EPS for the period prior to the IPO would not be meaningful due to the significant nature of the change to our capital structure as part of the IPO. Therefore, EPS information has not been presented for periods prior to the IPO.
The following table sets forth the computation of basic and diluted EPS attributable to our Class A shares for thethree and nine months ended September 30, 2025, and the three months ended September 30, 2024, which represents the periods subsequent to the IPO.
| Three Months Ended September 30, · Nine Months Ended | |||
|---|---|---|---|
| (in thousands, except for share and per share amounts) | 2025 | 2024 | September 30, 2025 |
| Numerator | |||
| Net income attributable to LandBridge Company LLC | $8,107 | $2,656 | $22,072 |
| Less: Earnings allocated to participating securities | 163 | 94 | 596 |
| Basic net income attributable to LandBridge Company LLC | 7,944 | 2,562 | 21,476 |
| Plus: Net income (loss) attributable to noncontrolling interest | 12,184 | (5,412) | 32,153 |
| Plus: Undistributed earnings reallocation adjustment to participating securities | (8) | 94 | (15) |
| Diluted net income (loss) attributable to Class A shareholders | $20,120 | $(2,756) | $53,614 |
| Denominator | |||
| Basic weighted average shares outstanding | 25,335,054 | 17,425,000 | 24,227,677 |
| Dilutive Class B shares outstanding | 51,183,495 | 55,726,603 | 52,231,542 |
| Diluted weighted average shares outstanding | 76,518,549 | 73,151,603 | 76,459,219 |
| Basic net income per share of Class A shares | $0.31 | $0.15 | $0.89 |
| Diluted net income (loss) per share of Class A shares | $0.26 | $(0.04) | $0.70 |
Class B shares outstanding as of September 30, 2025 and 2024 were determined to be dilutive and have been included in the computation of diluted net income per share. In addition, weighted-average RSUs were evaluated under the treasury stock method for potentially dilutive effects. For the three and nine months ended September 30, 2025, weighted-average RSUs of 507,889 and 669,343, respectively, were determined to be anti-dilutive and have been excluded from the computation of diluted net income per share. For thethree months ended September 30, 2024, weighted-average RSUs of 637,877 were determined to be anti-dilutive and have been excluded from the computation of diluted net loss per share.
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