EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	251,126	$	170,691	$	640,856	$	596,344
Denominator:
Weighted average shares – basic	104,132		108,837		105,359		108,827
Restricted stock units	877		940		970		895
Stock Options	1,080		845		1,032		814
Weighted average shares – diluted	106,089		110,622		107,361		110,536
Earnings per common share – basic:
Net income	$	2.41	$	1.57	$	6.08	$	5.48
Earnings per common share – diluted:
Net income	$	2.37	$	1.54	$	5.97	$	5.40

The above calculations of weighted average shares exclude 128,700 and 113,664 of anti-dilutive stock options and unvested performance and non-performance restricted stock units ("RSUs") for the three and nine months ended September 30, 2024, respectively, and 353,947 and 282,124 of anti-dilutive stock options and RSUs for the three and nine months ended September 30, 2023, respectively.

In addition, 145,201 shares relating to our ASR (refer to Note 10 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the three and nine months ended September 30, 2024, respectively. There were no ASR transactions in 2023.