Earnings (loss) Per Share, Dividends and Repurchases

6 Months Ended

Jun. 30, 2023

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):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	2,010	$	5,829	$	1,339	$	7,280
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,124,630		18,997,397		18,020,736		18,965,911
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,124,630		18,997,397		18,020,736		18,965,911
Add dilutive effect of the following:
Restricted stock		263,039		155,952		131,520		216,566
Weighted average shares of Class A common stock outstanding, diluted		18,387,669		19,153,349		18,152,256		19,182,477
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.11	$	0.31	$	0.07	$	0.38
Diluted	$	0.11	$	0.30	$	0.07	$	0.38

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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	Six Months Ended June 30,
	2023							2022
Quarter end declared	Date paid	Per share		Class A stockholders ($)		Non-controlling unitholders ($)		Date paid	Per share		Class A stockholders ($)		Non-controlling unitholders ($)
March 31	March 22, 2023	$	0.23	$	4,164	$	2,889	March 16, 2022	$	0.23	$	4,439	$	2,889
June 30	May 31, 2023		0.23		4,168		2,889	May 25, 2022		0.23		4,420		2,889
		$	0.46	$	8,332	$	5,778		$	0.46	$	8,859	$	5,778

On August 1, 2023, 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 August 29, 2023 to stockholders of record at the close of business on August 15, 2023.

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, 2023, 160,405 shares of the Company’s Class A common stock were repurchased and retired for $3.4 million excluding commissions, at a weighted average cost of $21.24. As of June 30, 2023, $62.5 million remained available under the share repurchase program.