EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Basic earnings per common share is computed by dividing net income available to TMHC by the weighted average number of shares of Common Stock (as defined in Note 10) outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all outstanding dilutive equity awards to issue shares of Common Stock were exercised or settled.

The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	199,460	$	234,602	$	389,730	$	425,653
Denominator:
Weighted average shares – basic	105,500		109,210		105,979		108,822
Restricted stock units	750		804		982		863
Stock Options	999		842		1,000		781
Weighted average shares – diluted	107,249		110,856		107,961		110,466
Earnings per common share – basic:
Net income	$	1.89	$	2.15	$	3.68	$	3.91
Earnings per common share – diluted:
Net income	$	1.86	$	2.12	$	3.61	$	3.85

The above calculations of weighted average shares exclude 138,103 and 150,859 of anti-dilutive stock options and unvested performance and non-performance restricted stock units ("RSUs") for the three and six months ended June 30, 2024, respectively, and 347,052 and 267,531 of anti-dilutive stock options and RSUs for the three and six months ended June 30, 2023, respectively.

In addition, 192,105 and 367,084 shares relating to our ASR (refer to Note 10 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the three and six months ended June 30, 2024, respectively. There were no ASR transactions in 2023.