Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted earnings per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive shares of Common Stock that were outstanding during the period. The Company uses the treasury stock method to determine the potential dilutive effect of vesting of its outstanding RSUs and PSUs. The Company does not use the two-class method as the Old Atlas Class B Common Stock, was, and the unvested RSUs, and PSU awards are nonparticipating securities. During 2023, the issuance of Old Atlas Class A Common Stock in exchange for Operating Units held by the Legacy Owners (and their corresponding shares of Old Atlas Class B Common Stock) did not have a dilutive effect on EPS and was not recognized in dilutive earnings per share calculations.

As a result of the Up-C Simplification, the Company’s previous dual class structure was eliminated and the Company now trades under a single class of Common Stock. Please see Note 2 - Summary of Significant Accounting Policies -Earnings Per Share for more information.

For the three and six months ended June 30, 2023, the Company's EPS calculation includes only its share of net income for the period subsequent to the IPO, and omits income prior to the IPO. In addition, the basic weighted average shares outstanding calculation is based on the actual days during which the shares were outstanding from the date of our IPO through June 30, 2023.

The following table reflects the allocation of net income to common stockholders and EPS computations for the period indicated based on a weighted average number of shares of Common Stock outstanding for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share data):


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	14,837	$	71,211	$	41,624	$	134,116
Less: Pre-IPO net income attributable to Atlas Sand Company, LLC				—				54,561
Less: Net income attributable to redeemable noncontrolling interest				32,693				39,303
Net income attributable to Atlas Energy Solutions Inc.	$	14,837	$	38,518	$	41,624	$	40,252
Denominator:
Basic weighted average shares outstanding		111,064		57,148		106,394		57,148
Dilutive potential of restricted stock units		379		272		238		272
Dilutive potential of performance share units		580		—		539		—
Diluted weighted average shares outstanding (1)	$	112,023	$	57,420	$	107,171	$	57,420

Basic EPS attributable to holders of Common Stock	$	0.13	$	0.67	$	0.39	$	0.70
Diluted EPS attributable to holders of Common Stock (1)	$	0.13	$	0.67	$	0.39	$	0.70
(1) Shares of Old Atlas Class A Common Stock issued in exchange for Operating Units did not have a dilutive effect on EPS and were not included in the EPS calculation.