	For the Quarter Ended
	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017(a)
		(in thousands, except shares and per share amounts)
Total revenue	$	48,229	$	48,819	$	49,377	$	49,504
Total operating expenses		32,777		26,022		36,569		336
Operating income		15,452		22,797		12,808		49,168
Total other expenses, net		(2,351)		(2,398)		(2,180)		(2,541)
Income before provision for income taxes		13,101		20,399		10,628		46,627
Provision for income taxes		(3,030)		(4,762)		(3,091)		(44,693)
Net income		10,071		15,637		7,537		1,934
Less: net income attributable to non-controlling interest		5,159		8,108		3,702		5,395
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	4,912	$	7,529	$	3,835	$	(3,461)

Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.28	$	0.43	$	0.22	$	(0.20)
Diluted	$	0.28	$	0.42	$	0.22	$	(0.20)
Weighted average shares of Class A common stock outstanding
Basic		17,662,842		17,696,842		17,696,991		17,696,991
Diluted		17,716,013		17,723,802		17,737,786		17,747,744

	For the Quarter Ended
	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
		(in thousands, except shares and per share amounts)
Total revenue	$	42,917	$	43,404	$	45,559	$	44,422
Total operating expenses		27,061		22,955		24,417		30,052
Operating income		15,856		20,449		21,142		14,370
Total other expenses, net		(2,202)		(2,036)		(2,204)		(2,876)
Income before provision for income taxes		13,654		18,413		18,938		11,494
Provision for income taxes		(3,259)		(4,285)		(4,632)		(3,097)
Net income		10,395		14,128		14,306		8,397
Less: net income attributable to non-controlling interest		5,456		7,314		7,520		4,540
Net income attributable to RE/MAX Holdings, Inc.	$	4,939	$	6,814	$	6,786	$	3,857

Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.28	$	0.39	$	0.38	$	0.22
Diluted	$	0.28	$	0.39	$	0.38	$	0.22
Weighted average shares of Class A common stock outstanding
Basic		17,584,351		17,636,590		17,645,696		17,647,930
Diluted		17,638,667		17,668,995		17,691,641		17,706,070

(a) The quarterly results for the quarter ended December 31, 2017 were impacted by the Tax Cuts and Jobs Act enacted in December 2017. The reduction in the corporate tax rate from 35% to 21% resulted in comparable reductions in both the deferred tax asset amounts and the TRA liabilities. See Note 11, Income Taxes for further information on the impact of the Tax Cuts and Jobs Act.