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Earnings (Loss) Per Share and Dividends
12 Months Ended
Dec. 31, 2024
Earnings (Loss) Per Share and Dividends  
Earnings (Loss) Per Share and Dividends

5. Earnings (Loss) Per Share and Dividends

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) measures the performance of an entity over the reporting period. Diluted EPS measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive effect of time-based restricted stock units. The dilutive effect of performance-based restricted stock units is measured using the guidance for contingently issuable shares.

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

Year Ended

December 31, 

2024

2023

2022

Numerator

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

$

7,123

$

(69,022)

$

6,110

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

Weighted average shares of Class A common stock outstanding

18,780,200

18,111,409

18,678,774

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

Weighted average shares of Class A common stock outstanding

18,780,200

18,111,409

18,678,774

Add dilutive effect of the following:

Restricted stock (a)

513,627

165,922

Weighted average shares of Class A common stock outstanding, diluted

19,293,827

18,111,409

18,844,696

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

Basic

$

0.38

$

(3.81)

$

0.33

Diluted

$

0.37

$

(3.81)

$

0.32

(a)As the Company had a net loss for the year ended December 31, 2023, these 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):

Year Ended December 31, 2023

Year Ended December 31, 2022

Quarter end declared

    

Date paid

    

Per share

Date paid

    

Per share

March 31

March 22, 2023

$

0.23

March 16, 2022

$

0.23

June 30

May 31, 2023

0.23

May 25, 2022

0.23

September 30

August 29, 2023

0.23

August 30, 2022

0.23

December 31

November 30, 2022

0.23

$

0.69

$

0.92

During the fourth quarter of 2023, the Company’s Board of Directors decided to suspend the Company’s quarterly dividend. In light of the litigation settlement (See Note 13, Commitments and Contingencies) and ongoing challenging housing and mortgage market conditions, the Company’s Board of Directors continues to believe 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 year ended December 31, 2024, the Company did not repurchase any shares of the Company’s Class A common stock. As of December 31, 2024, $62.5 million remained available under the share repurchase program.