Basic and diluted earnings (loss) per share (“EPS”) is computed utilizing shares that participate in the Company’s earnings – including dividend rights. The Company’s Class A and Class B Common Stock are the classes of shares that are entitled to the Company’s earnings and dividends. As no shares of Class B Common Stock were issued as of September 30, 2025, the computation of basic and diluted earnings per share includes only Class A Common Stock.

EPS is computed using the two-class method. Under the two-class method, the Company allocates net income attributable to Inspirato to Class A Common Stock (including those with vested share-based awards). Basic earnings per share is calculated by taking net income attributable to Inspirato, less earnings allocated to Class A Common Stock, divided by the basic weighted-average Class A Common Stock outstanding. Net income per share is calculated by taking net income attributable to Inspirato divided by the weighted-average Class A Common Stock outstanding. In accordance with the two-class method, diluted earnings per share is calculated using the more dilutive of the impact of the treasury-stock method or from reducing net income for the earnings allocated to Class A Common Stock.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net (loss) income and comprehensive (loss) income attributable to Inspirato Incorporated	$	(4,521)	$	4,332	$	(8,212)	$	(3,112)
Weighted average Class A Shares outstanding, Basic	12,550		5,639		12,321		4,326
Net (loss) income and comprehensive (loss) income attributable to Inspirato Incorporated per Class A Share, Basic	$	(0.36)	$	0.77	$	(0.67)	$	(0.72)

The following table presents the Company’s diluted EPS for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net (loss) income and comprehensive (loss) income attributable to Inspirato Incorporated	$	(4,521)	$	4,332	$	(8,212)	$	(3,112)
Impact of Note interest and fair market value adjustment attributable to Inspirato Incorporated Class A Shares	—		267		—		—
Net (loss) income attributable to common stockholders	$	(4,521)	$	4,599	$	(8,212)	$	(3,112)

Weighted average Class A Shares outstanding, Basic	12,550		5,639		12,321		4,326
Effect of dilutive securities	—		1,783		—		—
Weighted average Class A Shares outstanding, Diluted	12,550		7,422		12,321		4,326

Net (loss) income and comprehensive (loss) income attributable to Inspirato Incorporated per Class A Share, Diluted	$(0.36)		$0.62		$(0.67)		$(0.72)

The following securities are excluded from the computation of diluted shares for the three and nine months ended September 30, 2025 and 2024 due to their anti-dilutive effects (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Performance-based units	403	261	625	88
Public Warrants	431	431	431	431
Stock options	74	142	95	165
Restricted stock units	718	601	875	694
Investment warrants	3,061	—	3,170	192
Investment Agreement Option	—	—	—	1,458
Note	958	—	958	902
Anti-dilutive securities	5,645	1,435	6,154	3,930