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

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

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, however, its PRSUs do not participate in dividends with common stock. As such, PRSUs 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, RSUs 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income attributable to Green Brick Partners, Inc.	$	81,948	$	105,358	$	157,007	$	188,659
Preferred dividends	(719)		(719)		(1,438)		(1,438)
Net income applicable to common stockholders	81,229		104,639		155,569		187,221
Weighted-average number of common shares outstanding - basic	43,770		44,760		44,103		44,826
Basic net income attributable to Green Brick Partners, Inc. per common share	$	1.86	$	2.34	$	3.53	$	4.18
Weighted-average number of common shares outstanding - basic	43,770		44,760		44,103		44,826
Dilutive effect of stock options and restricted stock awards	54		394		85		451
Weighted-average number of common shares outstanding - diluted	43,824		45,154		44,188		45,277
Diluted net income attributable to Green Brick Partners, Inc. per common share	$	1.85	$	2.32	$	3.52	$	4.14

Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material.