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Earnings (loss) Per Share, Dividends and Repurchases
9 Months Ended
Sep. 30, 2022
Earnings (loss) Per Share, Dividends and Repurchases  
Earnings (loss) Per Share, Dividends and Repurchases

4. Earnings (loss) Per Share, Dividends and Repurchases

Earnings (loss) Per Share

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

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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2022

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2021

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2022

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2021

Numerator

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Net income (loss) attributable to RE/MAX Holdings, Inc.

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$

140

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$

(25,149)

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$

7,420

​

$

(18,725)

Denominator for basic net income (loss) per share of
Class A common stock

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​

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​

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​

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Weighted average shares of Class A common stock outstanding

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18,646,306

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18,739,564

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18,859,376

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18,651,858

Denominator for diluted net income (loss) per share of
Class A common stock

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Weighted average shares of Class A common stock outstanding

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18,646,306

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18,739,564

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18,859,376

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18,651,858

Add dilutive effect of the following:

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Restricted stock (a)

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230,557

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—

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221,229

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—

Weighted average shares of Class A common stock outstanding, diluted

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18,876,863

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18,739,564

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19,080,605

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18,651,858

Earnings (loss) per share of Class A common stock

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Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic

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$

0.01

​

$

(1.34)

​

$

0.39

​

$

(1.00)

Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted

​

$

0.01

​

$

(1.34)

​

$

0.39

​

$

(1.00)

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(a)As the Company had a net loss for the three and nine months ended September 30, 2021, those 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.

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):

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Nine Months Ended September 30, 

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2022

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2021

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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

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March 31

​

March 16, 2022

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$

0.23

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$

4,439

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$

2,889

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March 17, 2021

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$

0.23

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$

4,326

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$

2,889

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June 30

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May 25, 2022

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​

0.23

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4,420

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​

2,889

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June 2, 2021

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0.23

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4,345

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​

2,889

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September 30

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August 30, 2022

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0.23

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4,322

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​

2,889

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August 31, 2021

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​

0.23

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4,345

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2,889

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$

0.69

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$

13,181

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$

8,667

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​

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$

0.69

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$

13,016

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$

8,667

​

​

On November 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, payable on November 30, 2022 to stockholders of record at the close of business on November 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 nine months ended September 30, 2022, 995,176 shares of the Company’s Class A common stock were repurchased and retired for $23.8 million excluding commissions, at a weighted average cost of $23.91. As of September 30, 2022, $76.2 million remained available under the share repurchase program.