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 Share

Note 12 - Earnings Per Share

9 Months Ended

Sep. 30, 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*					*For the Nine Months Ended*
	*September 30,*					*September 30,*
	*2023*			*2022*		*2023*			*2022*
Basic earnings per share
Numerator:
Net (loss) income	$	(6,535	)		4,000		(6,407	)		12,463
Net (income) loss attributable to noncontrolling interests		(1,290	)		24		(1,516	)		200
Net (loss) income available to shareholders	$	(7,825	)		4,024		(7,923	)		12,663
Denominator:
Basic weighted average number of common shares outstanding		14,354			15,409		14,354			15,452
Basic (loss) earnings per share	$	(0.55	)		0.26		(0.55	)		0.82
Diluted (loss) earnings per share
Numerator:
Net (loss) income available to shareholders	$	(7,825	)		4,024		(7,923	)		12,663
Allocation of income to options on noncontrolling interests in real estate joint ventures		(115	)		—		(112	)		—
Diluted net (loss) income available to shareholders	$	(7,940	)		4,024		(8,035	)		12,663
Denominator:
Basic weighted average number of common shares outstanding		14,354			15,409		14,354			15,452
Effect of dilutive restricted stock awards		—			85		—			39
Diluted weighted average number of common shares outstanding		14,354			15,494		14,354			15,491
Diluted (loss) earnings per share	$	(0.55	)		0.26		(0.56	)		0.82

During the three and nine months ended September 30, 2023, 930,614 of outstanding unvested restricted stock awards were anti-dilutive and not included in the computation of diluted earnings per share. During the three and nine months ended September 30, 2022, 776,552 of outstanding unvested restricted stock awards were anti-dilutive and not included in the computation of diluted earnings per share.