Basic and diluted net income per share of PJT Partners Inc. Class A common stock for the three and six months ended June 30, 2026 and 2025 is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$	45,833	$	32,900	$	106,334	$	86,916
Incremental Net Income from Dilutive Securities		1,421		19,481		4,518		54,097
Net Income Attributable to Shares of Class A Common Stock — Diluted	$	47,254	$	52,381	$	110,852	$	141,013
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic		26,831,881		25,835,812		26,533,755		25,681,563
Weighted-Average Number of Incremental Shares from Unvested RSUs		1,677,472		2,275,124		2,093,767		2,828,065
Weighted-Average Number of Incremental Shares from Partnership Units		—		15,329,073		—		15,441,860
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted		28,509,353		43,440,009		28,627,522		43,951,488
Net Income Per Share of Class A Common Stock
Basic	$	1.71	$	1.27	$	4.01	$	3.38
Diluted	$	1.66	$	1.21	$	3.87	$	3.21

Holders of common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) (other than PJT Partners Inc.) have the right, subject to the terms and conditions set forth in the Third Amended and Restated Limited Partnership Agreement of PJT Partners Holdings LP (the “Partnership Agreement”), on a quarterly basis (subject to the terms of the exchange agreement, as amended), to exchange all or part of their Partnership Units for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for PJT Partners Inc. Class A common stock, weighted-average PJT Partners Inc. Class A common stock outstanding would be 40,919,732 and 40,847,063 for the three and six months ended June 30, 2026, respectively, excluding unvested restricted stock units (“RSUs”). In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of PJT Partners Inc. Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For three and six months ended June 30, 2026, there were 14,087,851 and 14,313,308 weighted-average Partnership Units that were anti-dilutive, respectively. For the three and six months ended June 30, 2025, there were no anti-dilutive securities.

On April 28, 2026, the Company announced that the Board of Directors (the “Board”) has authorized an $800.0 million Class A common stock repurchase program, which replaced the then-existing $500.0 million repurchase program announced on February 6, 2024. As of June 30, 2026, the Company’s remaining repurchase authorization was $759.6 million. Under the repurchase program, which has no expiration date, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including economic and market conditions, price, and legal requirements. The repurchase program may be suspended or discontinued at any time.

During the six months ended June 30, 2026, the Company repurchased 0.8 million shares of the Company’s Class A common stock at an average price per share of $150.29, or $114.5 million in aggregate, excluding excise tax on net share repurchases, pursuant to the share repurchase program.