Net earnings attributable to The Estée Lauder Companies Inc. per common share (“basic EPS”) is computed by dividing net earnings attributable to The Estée Lauder Companies Inc. by the weighted-average number of common shares outstanding and shares underlying PSUs and RSUs where the vesting conditions have been met. Net earnings attributable to The Estée Lauder Companies Inc. per common share assuming dilution (“diluted EPS”) is computed by reflecting potential dilution from stock-based awards.

A reconciliation between the numerator and denominator of the basic and diluted EPS computations is as follows:


	Year Ended June 30
(In millions, except per share data)	2024		2023		2022
Numerator:
Net earnings attributable to The Estée Lauder Companies Inc.	$	390	$	1,006	$	2,390

Denominator:
Weighted-average common shares outstanding – Basic	359.0		357.9		360.0
Effect of dilutive stock options	0.9		2.3		3.7
Effect of PSUs	0.2		0.1		0.2
Effect of RSUs	0.7		0.6		1.0
Weighted-average common shares outstanding – Diluted	360.8		360.9		364.9

Net earnings attributable to The Estée Lauder Companies Inc. per common share:
Basic	$	1.09	$	2.81	$	6.64
Diluted	$	1.08	$	2.79	$	6.55

The shares of Class A Common Stock underlying stock options, RSUs and PSUs that were excluded in the computation of diluted EPS because their inclusion would be anti-dilutive were as follows:

As of June 30, 2024, 2023 and 2022, 0.4 million shares, 0.4 million shares and 0.7 million shares at target, respectively, of Class A Common Stock underlying PSUs have been excluded from the calculation of diluted EPS because the number of shares ultimately issued is contingent on the achievement of certain performance targets of the Company, as discussed in Note 19 – Stock Programs.