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

9 Months Ended

Sep. 30, 2023

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

12. EARNINGS PER SHARE

The Company’s RSAs have the right to receive forfeitable dividends on an equal basis with common stock and its PRSUs do not participate in dividends with common stock. As such, these stock awards are not considered participating securities and are excluded from 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, RSAs and PRSUs.

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income attributable to Green Brick Partners, Inc.	$	72,156	$	73,520	$	211,606	$	236,353
Preferred dividends	(719)		(719)		(2,156)		(2,156)
Net income applicable to common stockholders	71,437		72,801		209,450		234,197

Weighted-average number of common shares outstanding - basic	45,320		46,032		45,543		48,205
Basic net income attributable to Green Brick Partners, Inc. per common share	$	1.58	$	1.58	$	4.60	$	4.86

Weighted-average number of common shares outstanding - basic	45,320		46,032		45,543		48,205
Dilutive effect of stock options and restricted stock awards	472		358		445		339
Weighted-average number of common shares outstanding - diluted	45,792		46,390		45,988		48,544
Diluted net income attributable to Green Brick Partners, Inc. per common share	$	1.56	$	1.57	$	4.55	$	4.82

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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Antidilutive options to purchase common stock and restricted stock awards	—	—	(24)	(17)