Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Reconciliation of Numerators and Denominators Used in Basic and Diluted Per Share Computations

The table below presents for the periods indicated a reconciliation of the numerators and denominators we used to compute basic and diluted net income per share for our Class A common stock and our Class B common stock:

	Three Months Ended June 30,
	2025				2024
	Class A		Class B		Class A		Class B
	(in thousands, except per share data)
Basic net income per share:
Numerator:
Allocation of net income	$	14,476	$	2,390	$	3,522	$	631
Denominator:
Weighted-average shares outstanding		30,678		5,577		27,845		5,577
Basic net income per share	$	0.47	$	0.43	$	0.13	$	0.11

Diluted net income per share:
Numerator:
Allocation of net income	$	14,476	$	2,390	$	3,522	$	631
Denominator:
Number of shares used in basic computation		30,678		5,577		27,845		5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options		659		—		—		—
Number of shares used in diluted computation		31,337		5,577		27,845		5,577
Diluted net income per share	$	0.46	$	0.43	$	0.13	$	0.11

	Six Months Ended June 30,
	2025				2024
	Class A		Class B		Class A		Class B
	(in thousands, except per share data)
Basic net income per share:
Numerator:
Allocation of net income	$	36,066	$	6,005	$	8,561	$	1,547
Denominator:
Weighted-average shares outstanding		30,401		5,577		27,828		5,577
Basic net income per share	$	1.19	$	1.08	$	0.31	$	0.28

Diluted net income per share:
Numerator:
Allocation of net income	$	36,066	$	6,005	$	8,561	$	1,547
Denominator:
Number of shares used in basic computation		30,401		5,577		27,828		5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options		484		—		18		—
Number of shares used in diluted computation		30,885		5,577		27,846		5,577
Diluted net income per share	$	1.17	$	1.08	$	0.31	$	0.28

Antidilutive Securities Excluded From Computation of Earnings Per Share

We did not include outstanding options to purchase the following number of shares of Class A common stock in our computation of diluted net income per share because the exercise price of the options exceeded the average market price of our Class A common stock during the applicable periods.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Number of options to purchase Class A shares excluded		—		4,942		—		1,697

DONEGAL GROUP INC 10-Q