Earnings (Loss) Per Share and Dividends

9 Months Ended

Sep. 30, 2021

Earnings (Loss) Per Share and Dividends

Earnings (Loss) Per Share and Dividends

4. Earnings (Loss) Per Share and Dividends

Earnings (Loss) Per Share

The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except shares and per share information):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020 (b)		2021		2020 (b)
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	(25,149)	$	3,617	$	(18,725)	$	9,883
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,739,564		18,196,454		18,651,858		18,098,227
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,739,564		18,196,454		18,651,858		18,098,227
Add dilutive effect of the following:
Restricted stock (a)		—		171,597		—		84,629
Weighted average shares of Class A common stock outstanding, diluted		18,739,564		18,368,051		18,651,858		18,182,856
Earnings per share of Class A common stock
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$	(1.34)	$	0.20	$	(1.00)	$	0.55
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$	(1.34)	$	0.20	$	(1.00)	$	0.54

(a) As the Company had a net loss for the three and nine months ended September 30, 2021, these shares would have been considered anti-dilutive and therefore there is no effect on the weighted average shares of Class A common stock outstanding EPS calculation.

(b) Prior year amounts and per share amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements for additional information.

Outstanding Class B common stock does not share in the earnings of Holdings and is therefore not a participating security. Accordingly, basic and diluted net income (loss) per share of Class B common stock has not been presented.

Dividends

Dividends declared and paid during each quarter ended per share on all outstanding shares of Class A common stock were as follows (in thousands, except per share information):

	Nine Months Ended September 30,
	2021							2020
Quarter end declared	Date paid	Per share		Amount paid to Class A stockholders		Amount paid to Non-controlling unitholders		Date paid	Per share		Amount paid to Class A stockholders		Amount paid to Non-controlling unitholders
March 31	March 17, 2021	$	0.23	$	4,326	$	2,889	March 18, 2020	$	0.22	$	3,986	$	2,763
June 30	June 2, 2021		0.23		4,345		2,889	June 2, 2020		0.22		3,987		2,763
September 30	August 31, 2021		0.23		4,345		2,889	September 2, 2020		0.22		3,988		2,763
		$	0.69	$	13,016	$	8,667		$	0.66	$	11,961	$	8,289

On November 3, 2021, the Company’s Board of Directors declared a quarterly dividend of $0.23 per share on all outstanding shares of Class A common stock, which is payable on December 1, 2021 to stockholders of record at the close of business on November 17, 2021.