Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 75

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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7,354 and an income tax provision of $14,337 for the three month periods ended March 31, 2025 and 2024, respectively, representing effective tax rates of (13.5)% and 26.3% 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 in the first quarter and other discrete items, (ii) certain foreign source income (loss) not taxable in the U.S., (iii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes and (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate. 

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. 

32

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

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month periods ended March 31, 2025 and 2024 are presented below:Three Months EndedMarch 31,20252024Net income attributable to Lazard$60,375 $35,755 Adjustment for earnings attributable to participating securities(1,810)(1,279)Net income attributable to Lazard - basic58,565 34,476 Adjustment for earnings attributable to participating securities– 195 Net income attributable to Lazard  - diluted$58,565 $34,671 Weighted average number of shares of common stock outstanding91,311,18888,547,757Weighted average number of shares of common stock issuable on a non-contingent basis3,944,2352,712,708Weighted average number of shares of common stock outstanding - basic95,255,42391,260,465Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)9,573,330