Earnings per Share

6 Months Ended

Jun. 30, 2022

Earnings per Share

The following weighted-average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021 (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Numerator
Net and comprehensive income attributable to Dream Finders Homes, Inc.	$	62,624	$	28,573	$	106,340	$	44,694
Less: Preferred dividends (1)	3,616		188		7,195		1,003
Add: Loss prior to reorganization attributable to DFH LLC members(2)	—		—		—		(1,244)
Net and comprehensive income attributable to common stockholders	$	59,008	$	28,385	$	99,145	$	44,935
Denominator
Weighted-average number of common shares outstanding - basic	92,758,939		92,521,482		92,758,939		92,521,482
Add: Common stock equivalent shares	11,807,304		149,245		10,772,621		119,740
Weighted-average number of shares outstanding - diluted	104,566,243		92,670,727		103,531,560		92,641,222

(1)For the diluted earnings per share calculation, $3.4 million and $6.8 million in preferred dividends associated with convertible preferred stock that are assumed to be converted have been added back to the numerator, for the three and six months ended June 30, 2022, respectively.

(2)The Corporate Reorganization created the current capital structure of DFH, Inc. Therefore, the basic and diluted earnings per share for the six months ended June 30, 2021 only include earnings subsequent to January 21, 2021, the date of the Corporate Reorganization.

Basic earnings per share is calculated by dividing net income attributable to DFH, Inc. for the period subsequent to the Corporate Reorganization, by the weighted-average number of shares of Class A common stock and Class B common stock outstanding for the period. The total outstanding shares of common stock are made up of Class A common stock and Class B common stock, which participate equally in their ratable ownership share of the Company. Diluted earnings per share has been calculated in a manner consistent with that of basic earnings per share while giving effect to shares of potentially dilutive restricted stock grants outstanding during the period and the convertible preferred stock.