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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue        
Loan production income $ 172,402 $ 589,461 $ 852,808 $ 2,143,400
Loan servicing income 196,781 174,695 574,847 443,762
Change in fair value of mortgage servicing rights 236,780 (170,462) 434,912 (448,825)
Gain on sale of mortgage servicing rights 0 (5,443) 0 (670)
Interest income 78,210 102,063 207,625 227,169
Total revenue, net 684,173 690,314 2,070,192 2,364,836
Expenses        
Salaries, commissions and benefits 135,028 164,971 434,620 550,983
Direct loan production costs 20,498 18,980 72,973 47,660
Marketing, travel, and entertainment 17,730 14,138 51,192 37,138
Depreciation and amortization 11,426 9,034 33,522 24,676
General and administrative 51,649 39,148 129,881 96,867
Servicing costs 37,596 29,192 129,215 72,767
Interest expense 73,136 90,221 191,069 215,884
Other expense/(income) 6,729 (8,710) 23,793 (27,544)
Total expenses 353,792 356,974 1,066,265 1,018,431
Earnings before income taxes 330,381 333,340 1,003,927 1,346,405
Provision for income taxes 4,771 3,483 9,585 17,831
Net income 325,610 329,857 994,342 1,328,574
Net income attributable to non-controlling interests 313,914 304,611 952,350 1,247,079
Net income attributable to UWM Holdings Corporation $ 11,696 $ 25,246 $ 41,992 $ 81,495
Earnings per share of class A common stock        
Basic (in usd per share) $ 0.13 $ 0.25 $ 0.45 $ 0.80
Diluted (in usd per share) $ 0.13 $ 0.16 $ 0.45 $ 0.55
Weighted average shares outstanding:        
Basic (in shares) 92,571,886 101,106,023 92,441,342 102,247,594
Diluted (in shares) 92,571,886 1,603,710,511 92,441,342 1,604,567,758