Earnings Per Share, Dividends and Repurchases

3 Months Ended

Mar. 31, 2022

Earnings Per Share, Dividends and Repurchases

Earnings Per Share, Dividends and Repurchases

4. Earnings Per Share, Dividends and Repurchases

Earnings Per Share

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

	Three Months Ended March 31,
	2022		2021
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	1,451	$	1,163
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,934,424		18,496,532
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,934,424		18,496,532
Add dilutive effect of the following:
Restricted stock		277,179		370,195
Weighted average shares of Class A common stock outstanding, diluted		19,211,603		18,866,727
Earnings (loss) per share of Class A common stock
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$	0.08	$	0.06
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$	0.08	$	0.06

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):

	Three Months Ended March 31,
	2022							2021
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 16, 2022	$	0.23	$	4,439	$	2,889	March 17, 2021	$	0.23	$	4,326	$	2,889
		$	0.23	$	4,439	$	2,889		$	0.23	$	4,326	$	2,889

On April 27, 2022, 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 was payable on May 25, 2022 to stockholders of record at the close of business on May 11, 2022.

Share Repurchases and Retirement

The Company’s Board of Directors has authorized a common stock repurchase program of up to $100 million. During the three months ended March 31, 2022, 45,885 shares of the Company’s Class A common stock were repurchased and retired for $1.3 million excluding commissions, at an average cost of $28.63. These amounts represent shares authorized by the Board of Directors for repurchase under publicly announced authorizations. As of March 31, 2022, $98.7 million remained available under the share repurchase program approved by the Company’s Board of Directors.