Net Income Attributable to Green Brick Partners, Inc. Per Share

3 Months Ended

Mar. 31, 2023

Net Income Attributable to Green Brick Partners, Inc. Per Share

The Company’s RSAs have the right to receive forfeitable dividends on an equal basis with common stock and our PRSUs do not participate in dividends with common stock and therefore are not considered participating securities that must be included in the calculation of net income per share using the two-class method.

Basic earnings per common share is computed by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during each period, adjusted for non-vested shares of RSAs and PRSUs during each period. Net income applicable to common stockholders is net income adjusted for preferred stock dividends including dividends declared and cumulative dividends related to the current dividend period that have not been declared as of period end. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options and restricted stock awards.

The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2023		2022
Net income attributable to Green Brick Partners, Inc.	$	64,180	$	61,577
Cumulative preferred stock dividends	(719)		(719)
Net income applicable to common stockholders	$	63,461	$	60,858

Weighted-average number of common shares outstanding - basic	45,945		50,586
Basic net income attributable to Green Brick Partners, Inc. per common share	$	1.38	$	1.20

Weighted-average number of common shares outstanding - basic	45,945		50,586
Dilutive effect of stock options and restricted stock awards	406		338
Weighted-average number of common shares outstanding - diluted	46,351		50,924
Diluted net income attributable to Green Brick Partners, Inc. per common share	$	1.37	$	1.20

The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands):


	Three Months Ended March 31,
	2023	2022
Antidilutive options to purchase common stock and restricted stock awards	(67)	29