Earnings Per Share, Dividends and Repurchases

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	5,829	$	5,261	$	7,280	$	6,424
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,997,397		18,719,477		18,965,911		18,608,005
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,997,397		18,719,477		18,965,911		18,608,005
Add dilutive effect of the following:
Restricted stock		155,952		221,866		216,566		296,031
Weighted average shares of Class A common stock outstanding, diluted		19,153,349		18,941,343		19,182,477		18,904,036
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	$	0.31	$	0.28	$	0.38	$	0.35
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$	0.30	$	0.28	$	0.38	$	0.34

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):

	Six Months Ended June 30,
	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
June 30	May 25, 2022		0.23		4,420		2,889	June 2, 2021		0.23		4,345		2,889
		$	0.46	$	8,859	$	5,778		$	0.46	$	8,671	$	5,778

On August 2, 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 August 30, 2022 to stockholders of record at the close of business on August 16, 2022.

Share Repurchases and Retirement

In January 2022, the Company’s Board of Directors authorized a common stock repurchase program of up to $100 million. During the six months ended June 30, 2022, 487,196 shares of the Company’s Class A common stock were repurchased and retired for $11.9 million excluding commissions, at an average cost of $24.36. As of June 30, 2022, $88.1 million remained available under the share repurchase program.