BBX Capital Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Earnings Per Common Share

Note 12 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

12. Earnings Per Share

Basic earnings per share is computed by dividing net income available to BBX Capital’s shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if restricted stock awards issued by BBX Capital were vested. Restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method.

The table below sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

	*For the Three Months Ended*
	*March 31,*
	*2023*		*2022*
Basic earnings per share
Numerator:
Net income (loss)	$	7,523	$	(1,926	)
Net loss attributable to noncontrolling interests		380		110
Net income available to shareholders	$	7,903		(1,816	)
Denominator:
Basic weighted average number of common shares outstanding		14,354		15,475
Basic earnings (loss) per share	$	0.55		(0.12	)
Diluted earnings (loss) per share
Numerator:
Net income available to shareholders		7,903		(1,816	)
Denominator:
Basic weighted average number of common shares outstanding		14,354		15,475
Effect of dilutive restricted stock awards		23		—
Diluted weighted average number of common shares outstanding		14,377		15,475
Diluted earnings (loss) per share	$	0.55		(0.12	)

During the three months ended March 31, 2023, 517,702 of outstanding unvested restricted stock awards were dilutive and included in the computation of diluted earnings per share. During the three months ended March 31, 2022, 776,552 of outstanding unvested restricted stock awards were anti-dilutive and not included in the computation of diluted earnings per share.