Company: CNS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001284812-25-000156
Chunk: 32

Company: COHEN & STEERS, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 32
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 under U.S. GAAP.

24

Income Taxes

A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

Three Months Ended March 31,20252024U.S. statutory tax rate21.0 %21.0 %State and local income taxes, net of federal benefit2.9 2.9 Non-deductible executive compensation2.9 0.9 Excess tax benefits related to the vesting and delivery of restricted stock units(6.6)(0.6)Unrecognized tax benefit adjustments(0.4)— Valuation allowance(0.3)(0.2)Other— 0.3 Effective income tax rate19.5 %24.3 %

25

Reconciliations of U.S. GAAP to As Adjusted Financial Results

Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the Company’s operating performance. In addition, these as adjusted financial results are used to prepare the Company's internal management reports which are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.

Net Income Attributable to Common Stockholders and Diluted Earnings per ShareThree Months Ended March 31,(in thousands, except per share data)20252024Net income attributable to common stockholders, U.S. GAAP$39,778 $34,004 Seed investments—net (1)(50)(1,003)Accelerated vesting of restricted stock units369 2,211 Lease transition and other costs - 280 Park Avenue (2)— 807 Other non-recurring expenses (3)616 — Foreign currency exchange (gain) loss—net (4)969 (456)Tax adjustments—net (5)(3,329)(910)Net income attributable to common stockholders, as adjusted$38,353 $34,653 Diluted weighted average shares outstanding51,418 49,835 Diluted earnings per share, U.S. GAAP$0.77 $0.68 Seed investments—net (1)— *(0.02)Accelerated vesting of restricted stock units0.01 0.05 Lease transition and other