Earnings (Loss) Per Share, Dividends and Repurchases

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	3,705	$	2,010	$	352	$	1,339
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,853,929		18,124,630		18,667,889		18,020,736
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		18,853,929		18,124,630		18,667,889		18,020,736
Add dilutive effect of the following:
Restricted stock		150,033		263,039		185,131		131,520
Weighted average shares of Class A common stock outstanding, diluted		19,003,962		18,387,669		18,853,020		18,152,256
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.20	$	0.11	$	0.02	$	0.07
Diluted	$	0.19	$	0.11	$	0.02	$	0.07

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

In the fourth quarter of 2023, the Company’s Board of Directors suspended the Company’s quarterly dividend and therefore no dividends were paid during the first and second quarters of 2024. In light of the 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 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. During the six months ended June 30, 2024, the Company did not repurchase any shares. As of June 30, 2024, $62.5 million remained available under the share repurchase program.