Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 88

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 88
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, respectively, representing effective tax rates of 22.6%, 18.9%, 28.0% and 25.4%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation that vested principally in the first quarter, changes in uncertain tax positions and other discrete items, (ii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iii) change in the U.S. federal valuation allowance affecting the provision for income taxes and (iv) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate. Cash paid for income taxes, net of refunds for the nine month period ended September 30, 2025 was $99,262.

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LAZARD, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

17.    NET INCOME PER SHARE OF COMMON STOCK

The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities. The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month and nine month periods ended September 30, 2025 and 2024 are presented below:Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Net income attributable to Lazard$71,247 $107,938 $186,968 $193,602 Adjustment for earnings attributable to participating securities(1,555)(2,579)(4,269)(4,732)Net income attributable to Lazard - basic69,692 105,359 182,699 188,870 Adjustment for earnings attributable to participating securities– 463 – 864 Net income attributable to Lazard - diluted$69,692 $105,822 $182,699 $189,734 Weighted average number of shares of common stock outstanding94,527,248 90,276,29493,360,22289,665,458Weighted average number of shares of common stock issuable on a non-conting