Earnings (Loss) Per Share, Dividends and Repurchases

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	(59,454)	$	140	$	(58,115)	$	7,420
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,150,557		18,646,306		18,064,009		18,859,376
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,150,557		18,646,306		18,064,009		18,859,376
Add dilutive effect of the following:
Restricted stock (a)		—		230,557		—		221,229
Weighted average shares of Class A common stock outstanding, diluted		18,150,557		18,876,863		18,064,009		19,080,605
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	(3.28)	$	0.01	$	(3.22)	$	0.39
Diluted	$	(3.28)	$	0.01	$	(3.22)	$	0.39

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,
	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
September 30	August 29, 2023		0.23		4,169		2,889	August 30, 2022		0.23		4,322		2,889
		$	0.69	$	12,501	$	8,667		$	0.69	$	13,181	$	8,667

Subsequent to September 30, 2023, the Company’s Board of Directors decided to suspend the Company’s quarterly dividend. In light of the recent litigation settlement and ongoing challenging housing and mortgage market conditions, the Company’s Board of Directors believes this action to preserve the Company’s capital is prudent.

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, 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 September 30, 2023, $62.5 million remained available under the share repurchase program.