| Earnings Per Share |
18. Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing net income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands except per share amounts) | | 2026 | | 2025 | | 2026 | | 2025 | Numerator: | | | | | | | | | | | | | Net income | | $ | 43,713 | | $ | 57,523 | | $ | 17,052 | | $ | 32,841 | Less: net income attributable to non-controlling interests | | | (16,853) | | | (27,307) | | | (6,594) | | | (14,905) | Net income attributable to Camping World Holdings, Inc. — basic | | $ | 26,860 | | $ | 30,216 | | $ | 10,458 | | $ | 17,936 | Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options, PSUs and RSUs | | | 82 | | | 27 | | | 15 | | | — | Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock | | | — | | | — | | | — | | | 11,049 | Net income attributable to Camping World Holdings, Inc. — diluted | | $ | 26,942 | | $ | 30,243 | | $ | 10,473 | | $ | 28,985 | Denominator: | | | | | | | | | | | | | Weighted-average shares of Class A common stock outstanding — basic | | | 63,668 | | | 62,610 | | | 63,573 | | | 62,571 | Dilutive liability-classified awards | | | 433 | | | — | | | 505 | | | — | Dilutive PSUs and RSUs | | | 74 | | | 137 | | | 88 | | | 195 | Dilutive common units of CWGS, LLC that are convertible into Class A common stock | | | — | | | — | | | — | | | 39,895 | Weighted-average shares of Class A common stock outstanding — diluted | | | 64,175 | | | 62,747 | | | 64,166 | | | 102,661 | | | | | | | | | | | | | | Earnings per share of Class A common stock — basic | | $ | 0.42 | | $ | 0.48 | | $ | 0.16 | | $ | 0.29 | Earnings per share of Class A common stock — diluted | | $ | 0.42 | | $ | 0.48 | | $ | 0.16 | | $ | 0.28 | | | | | | | | | | | | | | Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: | | | | | | | | | | | | | Stock options to purchase Class A common stock | | | 132 | | | 151 | | | 134 | | | 153 | PSUs and RSUs | | | 1,723 | | | 1,892 | | | 1,478 | | | 1,684 | Common units of CWGS, LLC that are convertible into Class A common stock | | | 39,895 | | | 39,895 | | | 39,895 | | | — | | | | | | | | | | | | | | Weighted-average contingently issuable shares excluded from the computation of diluted earnings per share of Class A common stock since all necessary conditions had not been satisfied: | | | | | | | | | | | | | PSUs(1) | | | 815 | | | 750 | | | 783 | | | 750 |
| (1) | See Note 17 – Stock-Based Compensation Plans for further details of PSUs. |
Shares of the Company’s Class B common stock and Class C common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate basic and diluted earnings per share of Class B common stock or Class C common stock under the two-class method has not been presented.
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