Earnings (Loss) Per Share, Dividends and Repurchases

3 Months Ended

Mar. 31, 2025

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
	March 31,
	2025		2024
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	(1,958)	$	(3,353)
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		19,292,210		18,481,848
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding		19,292,210		18,481,848
Add dilutive effect of the following:
Restricted stock (a)		—		—
Weighted average shares of Class A common stock outstanding, diluted		19,292,210		18,481,848
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	(0.10)	$	(0.18)
Diluted	$	(0.10)	$	(0.18)

(a) As the Company had a net loss for the three months ended March 31, 2025 and 2024, these shares would have been considered antidilutive 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

In the fourth quarter of 2023, in light of the litigation settlement (See Note 11, Commitments and Contingencies), the Company’s Board of Directors suspended the Company’s quarterly dividend and therefore no dividends were paid during the first quarter of 2025 or 2024.

Share Repurchases and Retirement

The Company’s Board of Directors has authorized a common stock repurchase program of up to $100 million. The share repurchase program has no expiration date and may be suspended or discontinued at any time. During the three months ended March 31, 2025 and 2024, the Company did not repurchase any shares of the Company’s Class A common stock. As of March 31, 2025, $62.5 million remained available under the share repurchase program.